Description
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 other stakeholders. Boards of directors were little more than rubber stamps. Today, corporate governance looks very different. In particular, several trends have coalesced to encourage more active and effective board oversight. With the growing strength of consumer movements and rising levels of awareness among stakeholders, corporations are realizing that stakeholders and consumers are no longer indifferent to unethical practices like financial irregularities, tax evasion, poor quality products and services, kick-backs, non-compliance with environmental issues, and hazardous working conditions.
