It consists of board of directors, chief executive or managing director. The top management is the ultimate source of authority and it manages goals and policies for an enterprise. It devotes more time on planning and coordinating functions.
The role of the top management can be summarized as follows -
-Top management lays down the objectives and broad policies of the enterprise.
-It issues necessary instructions for preparation of department budgets, procedures, schedules etc.
-It prepares strategic plans & policies for the enterprise.
-It appoints the executive for middle level i.e. departmental managers.
- It controls & coordinates the activities of all the departments.
-It is also responsible for maintaining a contact with the outside world.
-It provides guidance and direction.
-The top management is also responsible towards the shareholders for the performance of the enterprise.
Reference from:
http://www.managementstudyguide.com/management_levels.htm
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