Appoint a board of directors — The board is charged with overseeing the operation of the corporation for the benefit of the shareholders. This article highlights the responsibilities and formalities for a board of directors, corporate officers, and shareholders.Corporations are subject to numerous regulations and require annual meetings of the board of directors and officers. In the past, company boards recruited nearly exclusively from the ranks of current or retired CEOs, CFOs or existing board members. Specific rules for the board of directors are established in the corporate bylaws and other corporate documents. The shareholders annually elect the board of directors to run the corporation.