${?}_{{?}_{{?}_{?}}{?}_{o}f\text{a}\text{c}\text{o}\text{r}\text{p}\text{o}\text{r}\text{a}\text{t}\text{i}\text{o}\text{n}\text{c}\text{a}\text{n}\text{i}\text{n}\text{i}\text{t}\text{i}\text{a}\text{t}\text{e}\text{t}\text{h}\text{e}\text{v}\text{o}\text{l}\text{u}\text{n}\text{t}\text{a}\text{r}\text{y}\text{d}\text{i}\text{s}\text{s}\text{o}\text{l}\text{u}\text{t}\text{i}\text{o}\text{n}\text{p}\text{r}\text{o}\text{c}\text{e}\text{d}\text{u}\text{r}\text{e}\text{s}\text{.}}$

Multiple choice question.

Shareholders, but not directors,

Either directors $or$ shareholders

Directors, but not shareholders,

Neither directors nor shareholders