New York business solutions, governance, restructuring & bankruptcy attorney Martin Bienenstock of Proskauer Rose explains how reorganization and governance can be harmonized.
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What led me into governance originally was that I thought there had to be a connection between good governance and failure. And the connection should have been that the better the corporate governance the less risk of failure a company would have. And when I started getting into governance at the invitation of Ira Millstein, and got to work with him a fair amount, I discovered that there was no connection between governance and failure. Many of the best firms that failed purported to have best practice governance in case and often did. And it troubled me that good governance did not seem to be avoiding failure and that led to the other research I’ve done, which showed that the reason governance wasn’t avoiding failure is that governance was not aimed at the business it was aimed at preventing the CEO from controlling the other directors.