Western Governors University (WGU) ACCT2350 D774 Intro to Business Accounting Practice Exam

The people with the authority to elect a corporation's board of directors are the shareholders. Ownership of shares gives shareholders voting rights, which they use at annual meetings or by submitting proxies to choose directors who will oversee the company, set strategic direction, and hold management accountable.

The board’s job is to represent the owners’ interests by supervising management, approving major actions, and guiding long-term strategy. Management runs the day-to-day operations and answers to the board. Regulators oversee compliance and enforce laws, but they do not elect the board.