Final answer:
Top executives are high-level managers responsible for making significant decisions and establishing goals and plans that impact the entire organization. They also influence the board of directors' nominations to align with the company's direction. Their role becomes less personal as a company grows and financial information becomes more available.
Step-by-step explanation:
The individuals described in the question are top executives or senior managers who hold positions at or near the summit of an organization's hierarchy. These top executives are tasked with making critical, wide-ranging decisions that steer the entire organization towards its goals. They are also heavily involved in the strategic planning process and often have significant influence in shaping both the current and future direction of the company. It's noteworthy to mention that the board of directors, while meant to represent the interests of shareholders, comes under the substantial influence of these top executives. These executives play a key role in nominating board candidates, thus having a strong voice in the company's governance. Furthermore, as companies grow and information about their financial health becomes widely available, the personal knowledge of these managers by outside investors like bondholders and shareholders becomes less critical.