Valdyba

Valdyba is the Lithuanian term for a formal governing body of an organization, commonly translated as board of directors or management board. It is established in corporate, nonprofit, cooperative, and public‑sector contexts, and its exact powers and composition are defined by the organization's statutes and applicable law.

The valdyba is responsible for strategic direction and oversight. Its core duties typically include approving budgets and major policies, appointing and supervising the chief executive or director, ensuring accurate financial reporting, risk management, and compliance, and representing the organization to stakeholders. It acts under the supervision of a general meeting or shareholders and operates through regular meetings.

Composition and operations vary by organization. Members are usually elected or appointed for defined terms and may include non-executive and executive representatives. A chairperson leads the board, and decisions are made by a majority vote at meetings with an established quorum. Minutes document each decision.

In Lithuania, the term is widely used across many organizational forms, including private companies (notably those with public status), associations, foundations, cooperatives, and municipal administrations. Depending on legal structure, similar bodies may be called valdytojų taryba or board committees, reflecting differences in scope and authority.