Which of the following is a FALSE statement about corporate governance?

Select one:

a. Awareness by top managers of the existence of external investors in the form of individuals (e.g., Carl Icahn) and groups (e.g., hedge funds) often positively influences them to align their interests with shareholders

b. Corporate governance is better achieved with a board of directors with strong ties to management.

c. Corporate governance is better achieved with institutional owners who have 5% or more of outstanding equity.

d. Governance is used to establish order between parties whose interests may be in conflict.