The purpose of this research is to review the effect of board features (including structural and process features) on financial slack of quoted companies in Tehran stock exchange. The time period of this research is 2003-2011, and it is done on a sample of 158 companies. To examine research`s assumptions in all companies and different industries, we used multi-variable regression model in pooled (plan) mode and Eviews 6 program. In this research we used liquidity and financial slack variables as dependent variable of financial slack, we used board features(structure and process of board) as independent variable, and we used company features as control variables which are effective on financial slack including company size, growth opportunity, profitability, and also type of industry. It should be mentioned that we used questionnaire of McNulty et al. (2013) to measure board process features. Results indicate that if change in financial crisis is considered as financial slack, the followings will happen: The effect of board size on financial slack in all companies is positive and significant. The effect of duality of CEO responsibilities on financial slack in industry of automobile and automotive parts manufacturing, is negative and significant. And among process features of board, just the effect of using knowledge and skill on financial slack in all companies, is negative and significant. Moreover, if change in liquidity is considered as financial slack, the effect of board size in chemical products industry, and also the effect of growth in automobile manufacturing industry on financial slack, is negative and significant. Other results show that other board features have no effect on financial slack in all companies and different industries.

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