问答题
As with nations, governance matters profoundly the【M1】______success of individual commercial enterprises. An examination of businesses that have sustained success over long periods reveal boards that have governed the【M2】______affairs of the business effectively. Likewise, with businesses that have performed poor, it is rather【M3】______commonplace to track the problems to boards that have not been addressed the issues confronting their【M4】______businesses effectively. The popular press shows examples of the latter with regular, whereas the business【M5】______press less frequently highlights boards with strong performance. The management of a corporation is usually accomplished under leadership of a chief executive【M6】______officer(CEO), who reports the board of directors. While【M7】______boards play a variety of roles, effective organizations acknowledge the board"s role in selecting the CEO, advising and consenting to the selection of businesses【M8】______and strategies, overseeing results.【M9】______ An important distinct between publicly owned【M10】______businesses and privately owned businesses is that privately owned businesses tend to owner-managed.【M11】______Because of the owners of private businesses are directly【M12】______involved in their enterprises, they are better informed about the affairs of the business and can reasonably represent their own interests. They have not delegated control on a representative board of directors. Thus the【M13】______potential conflicts of interest that exist between investors and who have been hired to run the business are not as【M14】______relevant. Even, many of the governance principles that【M15】______apply to publicly owned businesses are also applicable to privately owned businesses.