Corporate Performance and Governance

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Forty years ago, managerialism dominated corporate governance. In both theory and practice, a team of senior managers ran the corporation with little or no interference from otherstakeholders. Boards of directors were little more than rubber stamps. Today, corporategovernance looks very different. In particular, several trends have coalesced to encouragemore active and effective board oversight. With the growing strength of consumer movementsand rising levels of awareness among stakeholders, corporations are realizing that stakeholdersand consumers are no longer indifferent to unethical practices like financial irregularities, taxevasion, poor quality products and services, kick-backs, non-compliance with environmentalissues, and hazardous working conditions.