EXECUTIVE DIRECTOR:
- An executive director is a senior operating officer or manager
of an organization or corporation, usually at a non-profit.
ROLE:
- Executive Directors are tasked with creating business plans,
overseeing day-to-day activities, improving performance, developing
organizational culture, supervising heads of departments, reporting
on revenue, and directing organizational strategy.
RESPONSIBILITIES:
- Developing and directing organizational strategy.
- Drafting organizational policies and philosophies.
- Overseeing day-to-day business activities.
- Conducting performance reviews.
- Preparing comprehensive budgets.
- Reporting on revenue and expenditure.
- Engaging with community groups.
- Creating sound business plans.
- Coaching department heads.
- Overseeing financial accounts.
NON EXECUTIVE DIRECTOR:
- A non-executive director is a member of a company's board of
directors who is not part of the executive team.
ROLES:
- Non executive directors not have
much roles to play as executive directors but some of their roles
are develop proposals on strategy, monitoring the performance of
the management, Non-Executive Directors should satisfy themselves
on the integrity of financial information and that financial
controls and systems of risk management are robust and defensible
and responsible of determining appropriate levels of remuneration
executive directors and have a prime role in appointing and whereby
neccessary removing, executive directors and in successive
planning.
RESPONSIBILITIES:
- Key accountabilities
- Time commitment
- Duration
- Monitoring executive director
- Keeping entire board
accountable.
- Acting in the interest of company
stakeholders.
MANAGING DIRECTOR:
- Managing director is a person who
controls the whole business of a firm.
ROLES:
- To direct and control the company’s
operations and to give strategic guidance and direction to the
board to ensure that the company achieves its mission and
objectives.
- Maintaining the strategy and
performance of the company as dictated by the boards overall
strategy.
RESPONSIBILITIES:
- Develop and implement plans and
objectives for the department in an effective and innovative
fashion.
- Oversee and coordinate daily
operations.
- Assess and report progress in
meeting department objectives.
- Participate in budget development
and monitoring of expenses.
- Oversee events and conferences as
needed.
- Generate necessary reports for the
executive team.
POWER OF COMPANY DIRECTOR:
- The board of directors is the
highest authority in any company. According to Section 179,
Companies Act 2013, the power of directors of a company – entitled
to make any and all decisions, and thus exercise all the power,
which the company has authority to enact.
- Make calls on shareholders
- Authorise the buyback of securities
and shares
- Issue securities and shares
- Borrow monies
- Investing the funds
- Grant loans
- Approve the financial
statement
- Approve amalgamation/merger
- Diversify the business
- Take over a company
These are some of the powers of
company directors as per the company act.