Indeed lomapaseo, the Captain is the Captain (Commander), and is employed as such because, in the companies judgement (and regulatory approval), he has the qualifications.
Have found over the years (many years actually) that a few First Officers really don't appreciate these facts...but then again, that is their problem.
The Captain is ultimately responsible...as in, the buck stops there.
Companies that appreciate these ideas, have always been rather well run, in my experience.