Final answer:
The qualification 'Majority are citizens of the Philippines' is not a standard requirement for corporate directors and is specific to certain jurisdictions. Typically, the qualifications include share ownership, no disqualifying convictions, and proper recording of share ownership. Ultimately, corporate directors are meant to serve the shareholders' interests and corporate governance helps ensure this accountability.
Step-by-step explanation:
The qualifications for corporate directors often include a requirement to own at least one share of stock, prohibition from holding the position if convicted by final judgment with certain parameters, and requirements regarding citizenship and ownership records. The question asks which item is not a qualification of corporate directors. While A, B, and D are typically true conditions for director qualifications, option C, stating that 'Majority are citizens of the Philippines', is not a standard qualification for corporate directors universally and would be specific to companies in certain jurisdictions. Thus, C is the correct answer as it does not generally apply to all corporate directors.
Furthermore, in the context of a public company, shareholders vote for a board of directors, which then oversees the company's management to protect the interests of shareholders. The directors are typically elected based on the number of shares owned, reflecting the level of stake and influence a shareholder has in the company.
Problems in corporate governance can arise when top executives wield substantial influence over the appointment of board members, which might lead to a less critical and independent board. In such cases, governance institutions like the board, auditing firms, and outside investors play a crucial role in providing oversight and maintaining corporate integrity.