BOD stands for Board of Directors, which is the governing body of a company. The members of the board are elected by shareholders (in the case of public companies) to set strategy, oversee management, and represent the interests of stakeholders and investors. The board is responsible for making high-level strategic decisions and ensuring organizational efficiency to allow profit maximization, which will add to the shareholders’ wealth. The board also ensures compliance with any applicable state corporation laws that may require board approvals or oversight, which vary based on the state in which the business was incorporated. The following are some of the tasks and responsibilities of the Board of Directors:

• Lead and manage the company in carrying out its management
• Make and keep the company’s accounting and administration in accordance with generally accepted practices in a company
• Prepare financial statements in accordance with accounting standards and based on the principles of internal control
• Compile and maintain the list of shareholders, General Meeting of Shareholders documents, and the BoD Meeting minutes, as well as the Company’s financial documents
• Report relevant information to the Board of Commissioners (BoC), for example, human resources development plans and programs, Management accountability, the Company’s health rating assessment, and report the information technology performance report
• Together with the BoC, hold the responsibility to prepare and organize the General Meeting of Shareholders

In summary, the Board of Directors is a crucial part of a companys governance structure, responsible for making high-level strategic decisions, overseeing management, and representing the interests of stakeholders and investors.