The Board of Directors is the highest level of authority and influence at CBS. It consists of top representatives from the Danish business community, faculty and administrative personal and two students representatives. This requires a high level of experience and professionalism in order to represent the students properly. The Board decides on the long-term general strategy of CBS, the budget approval and the development of the university in general. The board can setup different workgroups to handle or investigate certain initiatives, where student seats are usually included. The Board is in charge of appointing the president of CBS and insuring close ties between the school and the business community. Only one student seat is up for election each year, and a student- Board of Directors member is thus elected for a two-year term.