Exactly! Thank you, arthowson. That is what I was referring to by "business." I'm not implying it's a full-time job by any means, but he has decision-making authority on any licensing issues related to Carpenters' music and likeness. Anyone that wants to use a Carpenters master recording on a CD or in a movie or a commercial, the request has to come through Richard. With a few exceptions, anytime someone wants to use footage of them in a DVD release (like "The Perry Como Christmas Special'), Richard has to authorize it. Every new (non-bootleg) compilation that gets issued, needs Richard's blessing. If someone wanted to put them on a coffee mug or a t-shirt, Richard would have to approve it.
There is also ongoing legal stuff he has to consider like copyright infringement suits and other litigation when the above isn't handled properly. While most of the work would be handled by Richard's legal team, he would still be somewhat involved if suing someone for using a song or image without permission or even just sending a "cease and desist" letter. Just making sure that all the various ongoing contractual terms he has with various companies are being met requires a level of oversight, especially when dealing with things such as royalties.
And don't forget Richard's publishing rights as a songwriter. Depending on what it's being used for, Richard has certain rights as the songwriter on the use of any version of "Top of the World" (or any other song he wrote) whether it's the Carpenters' recording or not. He can't stop anyone from recording it (as long as they pay him the statutory mechanical rate), but he can deny synchronization rights or request a huge fee that would be cost prohibitive for other uses.
Just as arthowson pointed out, the reason that you rarely see Carpenters on "Best of ____" CDs is not because people don't ask. It's because Richard doesn't authorize it. He probably gets hundreds of requests a year from all over to world to use Carpenters music or likeness for various projects, large and small. They probably take him 10 seconds to say "no" to, but they are still business decisions he has to make on a regular basis. This authority will pass on to his estate once he's gone and that is what my pondering was referring to. Although a few of his decisions to turn things down have been odd (like the recent Bacharach box set), I actually admire how selective Richard is on these matters.
Copyright infringement issues regarding Carpenters recordings would be handled by Universal's legal department.
Licensing requests for Carpenters recordings are handled by Universal's licensing department-in conjunction with Richard's business attorney.Most requests are probably denied automatically by Universal-but the few that meet a certain criteria do get passed on to Richard.