Final answer:
The strategic direction and guidance for establishing key business objectives is the joint responsibility of the board of directors and senior management. Both play integral roles in corporate governance and the alignment of the firm's objectives with shareholder interests.
Step-by-step explanation:
Who is responsible for providing strategic direction and guidance relative to the establishment of key business objectives of an organization? The answer is c. The board of directors and senior management jointly.
While the board of directors is elected by the shareholders and serves as the first line of corporate governance, ensuring that the firm is run in the shareholders' interests, it is also true that senior management has considerable influence in nominating board members and contributing to the firm's strategic direction.
Both entities are crucial to the firm's governance and oversee the establishment and execution of business objectives, often collaborating to align these objectives with the long-term interests of the firm and its shareholders.