Legal Definitions - board of managers

A board of managers is the same as a board of directors. It is the group of people elected by shareholders or members to make important decisions for a corporation, partnership, association, or other organization. They establish policies, elect or appoint officers and committees, and make other governing decisions.

For example, a non-profit organization may have a board of managers who decide how to use the organization's funds, who to hire as staff, and what programs to offer to the community. A corporation may have a board of managers who decide on mergers and acquisitions, set executive salaries, and approve budgets.

The board of managers is an important part of any organization because they are responsible for making decisions that affect the organization's success. They are elected by the shareholders or members to represent their interests and ensure that the organization is run in a responsible and effective way.