What term refers to a group of persons chosen to govern a corporation or large institution?

The term that refers to a group of persons chosen to govern a corporation or large institution is the "Board of directors." This group is responsible for making significant policy and management decisions, guiding the direction of the organization, and ensuring that the institution operates in the best interests of its shareholders or stakeholders.

The board typically includes individuals who have been elected by the shareholders and may possess relevant skills, experience, and expertise necessary to oversee the company's operations effectively. Their duties encompass various responsibilities, including approving major corporate actions, setting broad company policies, and ensuring adequate resources are allocated for management to achieve the company’s objectives.

In contrast, other terms like the executive committee, management team, and shareholders have distinct roles within the corporate structure. The executive committee often serves as a subset of the board or management for more focused decision-making, the management team is responsible for day-to-day operations, and shareholders are individuals or entities that own shares in the company, giving them a stake but not necessarily a governing role. Thus, the board of directors is the correct term that specifically embodies the governing body of a corporation or large institution.