Consent to Act as Director and/or Officer

The articles of incorporation refer to a set of official documents that the incorporator files with the state to establish a corporation. These documents contain relevant details such as the company’s proposed name, official address, and the type and number of shares to be issued. Other terms for Articles of Incorporation are “corporate charter” and “certificate of incorporation.”

Not exactly. A corporation is free to set the size of the board according to the relevant rules in the bylaws. However, the average range is between 3 and 31 members, which may or may not depend on the company's size. For what it’s worth, certain studies concluded that the ideal number of board members is seven for most companies.

In the context of a corporation, the hierarchy is set according to power, job function, and status. All companies have their own hierarchy as to how a particular company is governed. The corporate hierarchy is a chain of command and decision-making. Your position in the hierarchy may also dictate the duties, dividends, and perks.

The chairperson of the board supervises the actions of the board, which is outside of the purview of the chief executive officer or CEO, unless the CEO is also the chairperson of the board, which is not uncommon in small mom and pop companies and highly acclaimed and trusted CEOs of larger corporations.

A corporation’s nomination committee exists to evaluate candidates for the board of directors. Preferably, this committee is uniquely qualified to assess all the necessary characteristics of a good board member. It's not uncommon that the committee members include the chairperson of the board, the CEO, and other major executives of the company.