From shareholders/owners to the board of directors and then on to managers, authority is delegated within the organizational hierarchy. The board of directors monitors corporate managers' activities and rewards them when they fulfill the shareholders' expectations. The board has the power to hire, fire, and discipline corporate management. Shareholders are represented by the chair of the board who has the most authority in an organization. The chair monitors and evaluates the way organizational resources are used through the executive committee. The executive committee consists of the most influential directors and top managers. The chair and other directors form the trusteeship; they act as trustees to protect the interest of the shareholders' and other stakeholders' interests.
The Top Management Hierarchy
I- Ownership (Shareholders)
II- Trusteeship (Board of Directors headed by the Chair of the Board)
III- Corporate Management (Chief Executive Officer, President/Chief Operating Officer, Vice-Presidents)
IV- Divisional Management (General Managers/Divisional Managers)
V- Functional Management (Functional Managers)
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