Edited by Jonas Gabrielsson, Wafa Khlif and Sibel Yamak
Chapter 15: Governance research and practice in the 21st century: taking stock of board reforms
The contemporary era of corporate governance is one marked by reform. Over the last two decades, a movement to revamp the nature of corporate boards has not only gathered unprecedented momentum, but delivered a wholesale revolution in board profiles and activities. Using the example of the U.S., this chapter presents an overview of major milestones, beginning with a summary of key initiatives by government, capital market/exchanges, professional associations, and other leading institutions, each intended to improve board effectiveness. The chapter also profiles the transformation in corporate boards – not solely changes to structure, composition, and activities, but also adjustments to underlying decision rights, director obligations, even interactions between board members and executives. This 21st century remaking of corporate boards reminds us corporate boards are not static phenomena. They are, in fact, dynamic. As corporate governance changes, so too must our approaches to related study. Implications for organizational research are discussed.
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