A. had been below 5%, the board of directors would have recommended that all further investments must
--> "recommend" requires subjunctive and bare form of "be"
B. was below 5%, the board of directors would have recommended that all further investments should
--> "was" is not appropriate for conditions
C. was below 5%, the board of directors would recommend that all further investments
--> Here "if" represents the hypothetical situation hence this
...
--> "recommend" requires subjunctive and bare form of "be"
B. was below 5%, the board of directors would have recommended that all further investments should
--> "was" is not appropriate for conditions
C. was below 5%, the board of directors would recommend that all further investments
--> Here "if" represents the hypothetical situation hence this
...
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