Usually means: Oversight body for executive management.
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We found 9 dictionaries that define the word supervisory board:

General (6 matching dictionaries)
  1. supervisory board: Longman Dictionary of Contemporary English
  2. supervisory board: Collins English Dictionary
  3. supervisory-board: Wordnik
  4. supervisory board: Wiktionary
  5. Supervisory Board, Supervisory board: Wikipedia, the Free Encyclopedia
  6. supervisory board: TheFreeDictionary.com

Business (3 matching dictionaries)
  1. MoneyGlossary.com (No longer online)
  2. Supervisory board: Bloomberg Financial Glossary
  3. Supervisory board: Financial dictionary

Definitions from Wiktionary (supervisory board)

noun:  A group of people chosen by the shareholders of a company to promote their interests through the governance of the company and to hire and supervise the executive directors and CEO.

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