In which of the following cases will the agency problem between shareholders and managers be the greatest?

$100\%$ of the common stock is owned by the founder of the company who decided to retire and hired a manager to run his business for him.

The Johnson family owns $50\%$ of the common stock of the company. The other $50\%$ is owned by $5$ mutual funds.

The common stock of the company is owned by many diverse shareholders, with no shareholder owning more than $1\%$ of the outstanding stock.