When analyzing the relationships between the different stakeholders in corporations, such as governments, customers, shareholders, bondholders, suppliers, managers, board of directors, and employees, we can find different types of relations, such as contractual or agency (principal-agent) relationships. Which of the following can be considered as an agency relationship?

• a) Managers vs. employees.

• b) Shareholders vs. board of directors.

• c) Suppliers vs. corporation.