Which of the following has the ultimate control of a company?

Shareholders are the owners of a company. They have ultimate control through voting at general meetings. They elect directors, approve major decisions, and can change company rules.

Board of directors manage on behalf of shareholders. Management runs daily operations. Employees work for the company. All answer ultimately to shareholders who own the business.

Think of power structure: Shareholders (owners) → Directors (oversight) → Management (operations) → Employees (workers).