BLW 1002 Lecture Notes - Lecture 5: Chief Executive Officer, Chief Technology Officer, Fiduciary
20 Sep 2016
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How to legally run and operate a corporation. Shareholders: shareholders each own a slice" of a corporation, they vote for their own benefit, 1 share = 1 vote, the ceo"s and employees work for the shareholders. Board of directors: elected by the shareholders, set strategic goals for the corporation (make major decisions) c. Job is to ensure corporation"s success and longevity: usually meet only 5-7 times a year, the directors usually have other days jobs this is not their only job f. There are types of directors: inside and outside directors f. i. Inside directors work for corporation day-to-day as corporate officers. Too many inside directors can be dangerous f. ii. Outside directors don"t work for corporation on day-to-day basis. Taking responsibility for money/business that doesn"t belong to oneself. Care: must make careful and informed decisions, ensure you are adequately informed b. i. Research constantly: recognize own limitations (don"t be arrogant) c. i. Contact consultants who know more about subject than you do.
