It is understandable why deeper governance reforms haven’t already happened. As highprofile corporate abuses unfolded, boards were preoccupied with either damage control or implementation of the new requirements of Sarbanes-Oxley. For their part, few CEOs have felt the need to lead the reform bandwagon. Not only do most of them believe that the US model of capitalism—with a combined chairman and CEO and a fairly close-knit board.....

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