The board of directors is the group of individuals appointed or elected to oversee a company.

They cover pay, budgets and keep an eye on the CEO.  They have not always served well, which has inspired two law professors to propose scrapping boards altogether and replacing them with private firms – similar to how accounting firms provide their services. 

The idea would require a significant change in law to work for public companies. At least one U.S. firm is trying to turn this concept into a reality.