The board of directors of a corporation generally sets the direction of the company. The board is elected by the stockholders and is tasked with appointing officers to implement the strategy and vision set by the board. It almost always has the authority to fire officers, including the CEO. Board approval is required for certain big decisions, like selling the company, issuing equity, and more. Board members have fiduciary duties to the company and the shareholders, including the duty of care and the duty of loyalty.