Answer: Staggered boards ensure consistent strategy execution and oversight.

**Explanation:** - **Option A** is incorrect because private lenders, such as banks and other debtholders, exhibit significant variation in their risk appetites. Generally, debtholders prefer lower financial leverage as it implies lower risk, but private lenders differ in their risk tolerance, behavior, and relationships with companies. - **Option B** is correct. A staggered board provides continuity in strategy implementation and oversight, avoiding frequent reassessments by new board members. This structure mitigates the risk of short-termism in corporate strategy. - **Option C** is incorrect. While the CEO is responsible for implementing the company's strategy, this is done under the oversight of the board of directors, not the shareholders. The board is elected by shareholders to protect their interests, define the company's risk appetite, and oversee management performance, including hiring and monitoring the CEO.

Author: LeetQuiz Editorial Team