Which One of the Following Best Illustrates the Agency Problem

Which one of the following best illustrates the agency problem?

A) An employee offers a suggestion which will save the company money and reduce the stress of his job.
B) The company creates a management bonus program whereby managers are rewarded when the market price of the firm's stock rises.
C) Management rejects a merger which was desired by the shareholders.
D) Management expands its operations overseas which is favourably received by the financial markets.
E) Management reduces the risk level of the firm while maintaining a steady stock price.