Prepare a detailed note on Institute of Directors for promoting good corporate governance for UK business.

The Institute of Directors (IOD) is a non-party-political business organisation established in United Kingdom in 1903. The IOD is charged with promoting good corporate governance for UK business. The board of IOD is responsible for the overall leadership of the Institute of Directors (IOD) and setting its values, standards, aims and objectives and delivering them in line with the objects of the Royal Charter. The board is composed of the chair, a majority of non-executive directors, and the director general and executive directors. It acts as a unitary board and has the following powers and responsibilities: to manage the affairs and long-term success of the Institute to approve the strategy of the Institute, business and financial planning, to hold the executive to account and ensure financial and risk stewardship to approve the annual report and accounts to appoint, reappoint and remove (acting by the non-executive directors only) the director general and other executive directors, as the board permits to ensure open and transparent engagement with all stakeholders when carrying out its duties to establish and dissolve committees and groups of the board The council is the guardian of the IOD constitution, ensuring that the objects of the IOD's Royal Charter are delivered. It comprises 11 members of geographical areas, 13 elected members and the IOD chairman. The council carries out the following responsibilities: to appoint, reappoint and remove the non-executive directors and to determine their independence, having considered any recommendations of the nomination committee to hold the board to account for the delivery of the charter objects and adherence to the laws of the institute to provide critique and opinion to the board on the overall progress of the institute to monitor the board's engagement with membership and stakeholders to appoint and remove a senior independent council member who will act as deputy chair of the council The IOD seeks to provide an environment conducive to business success.