What is the term for the elected body that establishes corporate policy?

The chosen answer, which identifies the "Board of Directors" as the elected body that establishes corporate policy, is accurate because the Board of Directors is a group of individuals elected to represent shareholders and oversee the activities of a company. Their primary responsibility is to set broad company policies, make significant decisions, and ensure that the organization is managed in a way that meets its goals and safeguards shareholder interests.

The Board acts in a fiduciary capacity, meaning they are entrusted to act in the best interests of the shareholders and the company. They are involved in critical functions, such as approving budgets, significant investments, and major company strategies. The role of the Board is essential for governance and compliance with laws and regulations.

In contrast, the other terms refer to different roles or structures within or around a corporation. Chief Executive Officers manage the day-to-day operations of the company rather than establishing corporate policy. Managing Partners often pertain to partnerships rather than corporate structures, focusing on operational aspects rather than governance. An Advisory Council may provide advice and support but does not have the authority to set corporate policy in the way a Board of Directors does.