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A board of directors is a group of people who oversee strategic planning and make decisions according to the organization’s goals as well as its vision, mission and values. They are accountable to balance shareholder interests, ensure integrity and plan for the future of an organization.
A subset of a board, the executive committee deals with urgent issues and acts as a steering mechanism for the board. It is usually composed of the secretary, treasurer, vice-chairperson, and a chairperson. The chairperson is usually the leader of the committee. Often, they are the CEO and vice-chairperson assists the chairman, serves as a replacement for them when they’re not present and acts as a second-in-command. The secretary is responsible for keeping minutes, manages the committee’s calendar and makes sure that all members have access to important documents.
A small group is a form of an executive committee. They are more flexible and are able to meet with short notice to make decisions in the event of an emergency. This lets the board focus their meetings on more pressing issues.
An executive committee can handle a variety of routine issues and act as an alternative to the organisation in situations when the entire board is not required to be present, for instance, the standard financial or legal procedures. It can also be used to vet controversial ideas and assess how the organization handles them before bringing them to the full board. The committee shouldn’t be a second-tier power structure. It’s recommended to have a clear delegation of authority, as well as an internal set of checks and balances.