Final answer:
The CEO and immediate subordinates, generally vice presidents, are referred to as Top Management. They set strategic company goals and influence the selection of the board of directors, aligning corporate governance with executive strategies.
Step-by-step explanation:
The chief executive officer (CEO) and his or her immediate subordinates, usually called vice presidents, are usually referred to as Top Management. These are the individuals who set the strategic goals for the company and make decisions on the course of the business at the highest level. Top Management is crucial in the overall leadership and direction of the firm and they often have significant influence in forming the board of directors. The board, while aimed at representing shareholder interests, often includes members selected by or with heavy input from these executives, aligning corporate governance with the executive leadership's strategy.