Which of the following is the LEAST likely to be effective as a corporate governance mechanism for a New Zealand company listed on the NZX? Select one: a. The presence of institutional investors as shareholders. b. The NZX Corporate Governance Code. c. The Financial Markets Authoritys enforcement of government regulations. d. Rules permitting managers to sell their shares or share options received as part of their compensation package immediately upon receipt without any holding period or other conditions. e. Rules requiring company founders to continue to own large shareholdings in the period immediately following an IPO (initial public offering).