In a company, the choice of the board of directors is made by the common stockholders.
Voting rights and a claim on earnings (dividends) are granted by common shares. Typically, shareholders have one vote per share to choose the board members who supervise the key managerial decisions.
Common stockholders have the right to vote, whereas preferred owners often do not. Shares of preferred stock may be convertible into common stock, but not vice versa. Preferred shares can be callable, meaning the business could demand to buy them back at par.
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