Final answer:
Shareholders elect the members of the board of directors for a corporation, not the CEO, corporate officers, or employees, ensuring that the firm is run in the shareholders' interests.
Step-by-step explanation:
The members of the board of directors for a corporation are elected by the shareholders. The board serves as the first line of corporate governance, tasked with ensuring the firm operates in the best interest of its owners, the shareholders. While top executives often have substantial influence in nominating board candidates, it is the shareholders who ultimately have the voting power to elect the board. This system is designed to provide oversight over the top executives, alongside other governance mechanisms like auditing firms and large outside investors.
The entity that elects members of the board of directors for a corporation are the shareholders. Shareholders are individuals or institutions that own shares or stocks in a company. They have a voice in the corporate governance of the company by voting for or against candidates who will serve on the board of directors.