How has corporate governance evolved over the past 30 years?
New York business solutions, governance, restructuring & bankruptcy attorney Martin Bienenstock of Proskauer Rose explains how corporate governance has changed over the years.
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Governance was complained about by John Kenneth Galbraith in the ’60s as a men’s club that pretended they were doing something. And he probably kindled a movement to make boards of directors do real work independently but it’s all evolved in process and protocol to mainly to prevent the CEO, chief executive officer, from controlling the board of directors that’s supposed to evaluate the chief executive officer. So we’ve had a lot of process improvement, a better platform to do its work but the data shows that its work still doesn’t improve share value.