Which of the following is $/$ are true?

I: The board of directors has the power to act on behalf of the shareholders to hire and fire the

operating management of the firm. In a legal sense, the directors are "principals" and the

shareholders are "agents".

II: The goal of financial managers does not imply that illegal or unethical actions should be

taken in the hope of increasing the value of the the firm.

III: IBEC Inc. of Toronto spends approximately $$2$ million annually to hire auditors to go over

the firm's financial statements. This is an example of an indirect agency cost.

IV: The triple bottom line is defined as a company's commitment to operate in an

economically, socially and environmentally sustainable manner

a$.$ I, II$,$ III and IV

b$.$ II$,$ III and IV

c$.$ I, II and IV

d$.$ III and IV

e$.$ II and IV