Which statement best characterizes the impact of regulatory changes on corporate governance since the 1990s?
Corporate transparency and accountability have increased through revised reporting and oversight requirements and stiffer penalties for fraud.
Oversight by boards of directors and independent auditors has decreased, allowing for greater corporate flexibility.
New regulations require corporate managers to prioritize the interests of external stakeholders over those of shareholders.
Corporate governance has become untenable due to requirements that all conflicts of interest be catalogued.
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