Final answer:
The managerial function illustrated is planning, where Apple's CEO and board predict future dividends, reflecting a key aspect of corporate governance that aligns with shareholders' interests.
Step-by-step explanation:
The managerial function illustrated by Apple's CEO, Tim Cook, working with the board of directors to predict the amount of dividends the company will pay in the future is planning. Planning involves setting goals and defining the actions required to achieve those goals. In this scenario, the CEO and the board must consider the company's profitability, current financial requirements, and future investment plans to determine a suitable dividend policy that aligns with the firm's long-term strategy and satisfies the shareholders, who are the true owners of the company.
In the context of corporate governance, it is important to recognize that the board of directors plays a critical role in ensuring that the firm is operated in the interests of the shareholders. The top executives, like the CEO, typically have considerable influence over the selection of board candidates, given that most shareholders may lack the knowledge or incentive to nominate alternative members. This reality underscores the significant relationship between executive management and the board in strategic decision-making processes such as issuing stock, re-investing profits, and setting dividend policies.