What is the difference between a board of directors and a board of trustees?

Answer 1

Functionally, they are the same. The difference is the nature of the entity. A board of trustees is usually associated with a non profit entity such as an educational institution, foundation, etc.

How they are appointed to the Board also differs. Directors (in a for-profit company) are elected by the company's shareholders. Trustees, and the board itself, are self-perpetuating for a non-profit.