Most companies are made up of three groups of people; the shareholders( who provide the capital ), the management, and the workforce. At the top of the company hierarchy is the Board of Directors, headed by the Chairperson (or President). The Board is responsible for making policy decisions and for determining the company’s strategy. It will usually appoint a Managing Director (or Chief Executive Officer) who has overall responsibility for the running of the business. Senior managers head the various departments or functions within a company, which may include the following: Marketing , Finance, Public Relations, Production, Personnel (or Human Resources), Research and Development (R&D).