What does board committees mean?

board committees meaning in Insurance Dictionary

Committees created by members of a corporate board of administrators which are designed to deal with a certain aspect or feature of company. Three of the very most common board committees and their obligations include: (1) review (managing the company's economic, bookkeeping, and inner and external review functions), (2) nominating (distinguishing and recruiting new/additional board users and officers), and (3) settlement (recommending appropriate compensation levels for business's management, also compensation for members of the board). Board committees usually include two to four members of a corporate board of administrators.