Knight banneret
A knight banneret, sometimes known simply as banneret, was a Medieval knight ("a commoner of rank") who led a company of troops during time of war under his own banner (which was square-shaped, in contrast to the tapering standard or the pennon flown by the lower-ranking knights) and were eligible to bear supporters in English heraldry.
The military rank of a knight banneret was higher than a knight bachelor (who fought under another's banner), but lower than an earl or duke; the word derives from the French banneret, from bannire, banner, elliptical for seigneur - or chevalier banneret, Medieval Latin banneretus.
Under English custom the rank of knight banneret could only be conferred by the sovereign on the field of battle. There were some technical exceptions to this; when his standard was on the field of battle he could be regarded as physically present though he was not. His proxy could be regarded as a sufficient substitution for his presence.
History
As there were no standing armies (except the military orders), military service was rendered ad hoc as an obligation of a vassal, either in person and/or with a contingent raised by one's own means. This social role was crucial: a suzerain, or feudal overlord, was dependent upon his vassals to mobilize on his behalf in case of war. The only alternative was to replace knighthood as the core of military forces with mercenaries, as under a condottiere, but those often proved highly unreliable and expensive, as well as being known for changing sides for greater profit, or simply deserting and looting for themselves.