> ## Knowledge Base Index
> Fetch the complete knowledge base index at: https://help.companio.co/sitemap.xml
> Use this file to discover available pages before exploring further.
> Pure-Markdown content can be obtained by appending a '.md' suffix to the content URLs listed in the sitemap (without the trailing slash).

# What's the Difference Between Shareholders and Board Members?

**Shareholders** are the individuals or entities that own company shares, giving them **control over that company**.

The **members of the board don’t control the company** (unless they are also shareholders), but they make the **day-to-day decisions** of the business. In a startup context, a board member may be the CEO, CTO, or CMO. Learn more about these roles – and how they relate to your company in Estonia in [this article](https://companio.co/blog/tips/shareholder-board-member/).

In Estonia, **most decisions can be made by any director**. However,  certain changes, especially those affecting the registry and requiring online signing, must be signed by a majority of the directors (board). It’s not entirely one or the other; it’s a mixed system. 

In an e-resident company, a director is typically a management board member of the company, as per Estonian rules. The director may also be the sole owner of the company and has the responsibility of managing the company's affairs.