Final answer:
The board is concerned with stewardship of assets, mission, accountability, and obedience to law when in fiduciary mode, representing the responsibility to act in the shareholders' interest and to oversee the company's management and long-term goals.
Step-by-step explanation:
When a board is operating in the fiduciary mode, it is concerned primarily with Option C: Matters such as stewardship of tangible assets, faithfulness to mission, performance accountability, and obedience to law. This represents the responsibility of the board to act in the best interest of the shareholders, ensuring proper management and oversight of the organization. The board of directors is essential for corporate governance, as they are the direct representatives of the shareholders' interests and are responsible for overseeing the actions of top executives. They also have a say in the direction of the organization's long-term goals and directions.
In the context of corporate governance, the board of directors is elected by the shareholders as the first line of oversight for the company’s operations. The auditing firm hired by the company to review financial records and outside investors, especially large shareholders, serve as additional checks on the company’s governance. With this in mind, it is crucial for the board to exercise its fiduciary duties effectively, as failure in corporate governance can lead to misinformation and financial losses, as demonstrated in the case of Lehman Brothers.