A board of directors is a group of people. They normally oversee the actions of a corporation or other business. There are laws called bylaws that the board follows. They organize the business, appoint the CEO, organize budgets and take care of financial matters.
Within a board, directors commonly organize themselves into several committees, such as: audit committee, compensation committee, and human resource committee.
Usually once a year, the board of directors invite shareholders to a meeting to talk about the company.