Sole? No. No matter how many times people repeat it. Or, at least, companies can and do spend money on things that can be argued to be in service of the long-term profit and image of the company. Otherwise, how could a company do charitable giving?

That said, if someone makes an offer for a public company, the board does pretty much need to put it to a shareholder vote although they can negotiate for a higher price and ultimately make a recommendation. But it's up to the shareholders. They're the ones that own the company.