Final answer:
The board of directors is responsible for ensuring full compliance to codes in a corporation and represents the initial layer of corporate governance and oversight.
Step-by-step explanation:
The board of directors of a corporation is responsible for full compliance to codes. They are the first line of corporate governance and oversight for top executives. The board is elected by the shareholders and is supposed to act in the best interest of the true owners of the firm. Besides the board, there are other institutions such as auditing firms and outside investors like mutual funds or pension funds that play a role in corporate governance. However, in cases like Lehman Brothers, management's strong influence over the board can lead to failures in corporate governance, resulting in the lack of accurate financial information for investors.