Final answer:
Directors have the power to call meetings of shareholders, declare dividends, and delegate responsibilities to appointed officers, but they cannot dispense with shareholder meetings. Shareholders' meetings are essential for critical decisions, making them a fundamental right of shareholders, and boards of directors must adhere to this requirement. The correct option is c) dispense with shareholders meetings.
Step-by-step explanation:
The question revolves around the power and responsibilities of a company's board of directors. Specifically, it asks which of the following powers directors do not possess: a) calling meetings of shareholders; b) declaring dividends; c) dispensing with shareholder meetings; or d) delegating responsibilities to appointed officers.
In the structure of a public company, the board of directors is elected by the shareholders to represent their interests and handle key management and policy decisions. The board of directors can indeed call meetings of shareholders and declare dividends, as these actions are among their core responsibilities for managing the company on behalf of the shareholders.
Further, the board of directors has the authority to delegate certain responsibilities to appointed officers. These officers may manage day-to-day operations or execute specific tasks as directed by the board. However, while the board holds significant power, they cannot dispense with shareholder meetings. Shareholder meetings are a fundamental right of shareholders and are critical for significant decisions that require shareholder approval, such as amending bylaws or electing directors.