a. While much of the focus in the United States is on the agency conflict between shareholders and managers, in many other countries, the central conflict is between controlling shareholders and minority shareholders. b. A captured board always monitors the management effectively. c. The board of directors typically hires the executive team, sets managerial compensation, approves major investments and acquisitions, and dismisses executives if necessary. d. While the SEC's enforcement powers are extensive and carry with them the weight of criminal prosecution, its detection resources are limited