In a much broader sense, the owners of a company can be further divided into shareholders and board members. A shareholder is defined as an individual, company or institution that holds a share of the company. Shareholders can, therefore, be considered owners of the company and, therefore, enjoy numerous legal rights. Shareholders are important providers of the company's capital and, therefore, have significant influence in the management of the company. According to Friedman, a corporate manager's responsibility to its owners includes carrying out business operations that satisfy the owners' or shareholders' desires to maximize profits in accordance with the legal and ethical rules followed by the company. In addition to maximizing shareholder value, a company must grant shareholders the right to vote in the organization and the freedom to buy and sell shares as they please.