The way in which boards oversee the running of a company by its managers, and the accountability of the board members to shareholders and to the company, is referred to as:

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Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. It involves balancing the interests of a company's many stakeholders, such as shareholders, management, customers, suppliers, financiers, government, and the community.

The Way in Which Boards Oversee the Running of a Company