Introduction
The face of the business community has been constantly changing since the early part of the nineteenth century. Corporate structures have been morphing in order to adapt to the changing environments and situations that ultimately affects their operations. It is important for companies to adapt since doing otherwise could result to becoming obsolete. As the demands of the market changes so does companies. The need for change is fueled by the passion to achieve company objectives, which can be used to determine the success of an organization.
Flexibility is needed in order to adapt. This was observed when the rights of corporate boards to preside over without undisputed approval of shareholders in exchange for statutory benefits were enhanced by state corporation law in the nineteenth century (Contributors,
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