The Board of Directors:

Question

Quizplus · Accepted Answer

The Board of Directors is the legal body responsible for the governance of the corporation. They are accountable to both internal and external stakeholders and have a fiduciary duty to act in the best interest of the corporation. The composition of the Board is determined by the bylaws of the corporation, and they are elected by the shareholders or appointed by the existing Board. They are not exclusively officers of the corporation, and they are not appointed by the SEC. Option C is not correct because the Board must be responsive to external market forces in order to ensure the long-term success of the corporation.