If you were designing the composition and acceptable practices for the board of directors of a new corporation, which of the following practices would you suggest be implemented?

Suggested Practice Yes, recommend implementation or No, do not recommend implementation

The board should recommend that the company keep financial records and report financial statements that are in compliance with generally accepted accounting standards.

The company's charter should not contain a shareholder rights provision.

The board of directors should not monitor the decisions and behaviors of senior management.

Senior management's cash bonuses should be tied solely to the firm's short-term share-price performance.