Part III. 1. Board of directors. This is a committee of directors elected by the shareholders of a limited company

1. Board of directors. This is a committee of directors elected by the shareholders of a limited company. They make policy decisions. Some directors serve full time and take charge of a particular branch of activity. Other directors may serve part-time. They are paid directors’ fees.

2. Director. It is the practice for the shareholders of a company, acting under the regulations of the company, to select a few people to administer the affairs. These representatives are called directors. Directors are agents of the company, and are therefore subject to the general principles of the law of agency. Directors are in a sense trustees and must therefore exercise their powers for the benefit of the company. A director shall at all times act honestly and use reasonable diligence in the discharge of his duties.

3. Executive. A person who has administrative or managerial authority in a business or commercial organisation.

4. Liability. To be liable is to be responsible according to law. Liability refers to the state of being liable.

John is liable to pay customs duties.

James is liable for military service.

Jack did not admit liability for the accident.

Jill is more of a liability at parties than an asset.

5. To manage a public company. To manage is to control.

She has to manage a yacht.

She also manages a business.

During the day she manages her household.

Management refers collectively to all those concerned in managing an industry, enterprise etc.

The company requires stronger management.

Talks commenced between the workers and the management.

A manager is one who controls a business. Managerial is an adjective as in the managerial class of people.

6. To take decisions. To take here means to select or pickout a suitable decision. The word has numerous meanings and it is interesting to note how widely it is used. Here are only a few examples. Reference may be made to a good dictionary for other examples.

To take a back seat – to play an unimportant role.

To take advantage of – to use to one’s benefit.

To take apart – to divide into component parts.

To take heart – to cheer up.

To take smb. on – to oppose in a competition.

To take over – to assume control.

To take smth. down – to dismantle.

7. Administrative. To administer is to look after business affairs, a houshold etc., whereas to administer a state is to govern it. Administrative is the adjective from this word.

An administrative position.

Deficient in administrative skill.

An administrator is a person who administers; he is one with ability to organise. Administration is the management of affairs, business etc., especially public affairs, government policy etc.

8. Staff. The word describes a group of assistants working under a manager.

The manager and his staff were present.

It is an honour to be on your staff.

The word can be used as a collective noun with a singular verb.

The staff of administrators was ready to help.

9. To engage in production. To produce is to manufacture.

They produce tinned milk powder.

Let’s produce more goods for export.

A product is sometimes produced by nature or by man.

Agricultural product.

Main products of Ireland.

Products of a genius (e.g. great works of art).

Production is the process of producing.

The present production of crops is insufficient.

The government stepped up the production of guns.

Mass production is necessary to meet the demand.

10. On a large scale. Scale means a relative size or extent.

This is a war on a large scale.

Large scale movement of troops was noticed.