How do public limited companies typically operate?

Public limited companies usually operate under a framework established by their articles of association, which is a key document outlining the rules governing the company's operations. This document includes various aspects such as the rights and responsibilities of shareholders and directors, procedures for meetings, and other governance matters.

Directors of public limited companies are accountable to shareholders and must adhere to these articles of association, ensuring that they act within the legal framework and in the best interests of the company. This arrangement promotes a level of accountability and transparency, which is essential for maintaining investor confidence in publicly traded entities.

The other options do not accurately reflect the operational structure of public limited companies, as they overlook the critical role that corporate governance and established guidelines play in their functioning. For instance, shareholders do influence the company through voting rights, but they do not set operational guidelines independently. Additionally, corporate governance codes are designed to enhance accountability and are integral to the management of public companies, contradicting the idea of complete independence from such codes. Individual owners have limited influence since public limited companies are typically owned by a diverse group of shareholders rather than a single entity or person.