 Taylor became acting chairman at Vicarage Road last month
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Former Watford boss Graham Taylor is to remain chairman of the troubled Championship club until 30 June.
The former England manager last month took up the post on an interim basis, following the departure of Jimmy and Vince Russo from the club board.
Taylor told BBC Three Counties Radio his role would not entail financial input or day-to-day involvement.
"My intention is to let the management side of the club get on with the business," he said.
"I'm not going to be in every day. I think a lot of supporters will realise I'm involved in many other things which I just can't drop now.
"I'm contracted to do certain things.
"From now until the end of the season, it will give me an opportunity just to see exactly what this role demands, and what it means, and also it will give other people the chance to see how I handle it."
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