Prerogative (noun)

1. A right or privilege exclusive to a particular individual or class.
2. An exclusive right to exercise a particular power or privilege.
3. A right or privilege that is considered to be appropriate or traditional for a particular person or group.

Origin:

The word prerogative comes from the latin word praerogativa, meaning "a privilege" and it has been in use since the 16th century.

Examples:

1. It is the prerogative of the President to grant pardons.
2. The company's management has the prerogative to make decisions.
3. It is the prerogative of the board of directors to approve or reject the proposal.
4. It's his prerogative to change his mind.
5. It is the prerogative of the jury to decide the verdict.