A group of individuals elected by shareholders each year to represent their decisions and run the company on their behalf. The board of directors may appoint managers to assist them in the day to day running of the business, but remain ultimately accountable to shareholders. The board is responsible for setting the strategic direction of the Company. Its functions includes reviewing and approving company objectives, and strategies and plans for achieving these objectives, as well as company policy / codes of practice ie guidelines regarding the way the business and individuals working within the business should conduct themselves. Any major decisions relating to the business such as those concerning capital expenditure and key management appointments should also be approved by the Board.