Answer: creditors

**Explanation:** Covenants are terms and conditions included in lending agreements to limit bondholders' risk during the term of a bond or loan. These covenants enable creditors to specify actions the issuer is obligated to perform or prohibited from performing. Therefore, covenants primarily govern the relationship between the issuer and its creditors, not management or the board of directors. This aligns with the principles of corporate governance and mechanisms to manage stakeholder relationships and mitigate associated risks.

Author: LeetQuiz Editorial Team