Which of the following statements with regard to corporate governance and ESG integration is correct?

A corporation$$s two$-$tier board of directors is most likely to consist of a management board that oversees a supervisory board.

In equity analysis, ESG integration generally focuses on identifying downside risk.

Chairman and CEO positions should be the same person.

The principal$-$agent problem is most severe under a corporate ownership structure of dispersed ownership and dispersed voting power.