Which of the following is NOT considered a related person to a director or officer?

The correct answer is identified as "friend" because, in the context of relationships defined by business or organizational governance, a "related person" typically refers to immediate family members or dependents. The concept of "related persons" generally encompasses those who have a direct familial or financial connection to a director or officer, which includes a spouse, parent, child, or grandchild.

Friends, while they may have close personal relationships, do not fall under these formal definitions and therefore are not considered "related persons" in the sense relevant to governance, conflicts of interest, or legal obligations associated with director and officer conduct. This distinction is important, as many regulations and internal policies are designed to avoid potential conflicts of interest or undue influence, which primarily involve family relationships rather than friendships.