Which one of the following statements is TRUE?

a.
A company's matching contribution to a retirement plan is a nonpecuniary benefit.

b.
Company sponsorship of a local charity is an example of a nonpecuniary benefit.

c.
A manager not closing a factory that is losing money but which is in his hometown is an example of a manager-shareholder conflict.

d.
A manager/shareholder agency conflict arises when shareholders sell their stock even though management says the stock is undervalued.

e.
Management is said to be entrenched when the senior managers are consuming excessive perquisites