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Definition of 'Outside Director'

Any member of a company's board of directors who is not an employee or stakeholder in the company. Outside directors are paid an annual retainer fee in the form of cash, benefits and/or stock options. Corporate governance standards require public companies to have a certain number or percentage of outside directors on their boards as they are more likley to provide unbiased opinions.

The separation of powers, often imprecisely used interchangeably with the trias politica principle, is a model for the governance of a state (or who controls the state). The model was first developed in ancient Greece. Under this model, the state is divided into branches, each with separate and independent powers and areas of responsibility so that the powers of one branch are not in conflict with the powers associated with the other branches. (Wikipedia)

Corporate governance broadly refers to the mechanisms, processes and relations by which corporations are controlled and directed. (Wikipedia)

The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. (iia.org.uk)