Which of the following statements about corporate governance in Germany is false?

a. The Vorstand (management board) of a German corporation makes decisions about strategy and management.
b. The Vorstand is elected by the firm's employees.
c. Employees, union members, and shareholders appoint members to the Aufsichtsrat (the supervisory tier of the board).
d. Large institutional investors such as pension funds and insurance companies are relatively insignificant owners of corporate stock.