When the company I worked for went public, I was the Executive Director of Client Services, and prior to the take over if I said we needed to do something for our clients we did it. All I needed was reasonable justification.
When we went public, it took about a week for me to understand our clients were no longer important to the business plan, it was all about the investors, and the story you tell them about the future, daily business just became a tiny metric in the business. We even got rave reviews from Jim Cramer.
Regarding how the funds are selected, it can vary greatly from company to company