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Governing the Modern CorporationCapital Markets, Corporate Control, and Economic Performance$
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Roy C. Smith and Ingo Walter

Print publication date: 2006

Print ISBN-13: 9780195171679

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195171675.001.0001

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The Future of Governance

The Future of Governance

Chapter:
(p.270) 11 The Future of Governance
Source:
Governing the Modern Corporation
Author(s):

Roy C. Smith (Contributor Webpage)

Ingo Walter (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0195171675.003.0011

The rapidly expanding capital markets in the late 1990s and early 2000s, were exceptionally permissive of agency conflicts. Some of the agency problems identified in this book have since been addressed, but there is a residue of important blemishes that remain unattended to and may reappear with a vengeance in the future. This chapter analyzes and offers a prescription for addressing these as yet untreated issues that uphold an “uneven” or “tilted” system of responsibility for the proper discharge of fiduciary duties that all agents in the financial system bear. The “tilt” to the system has emerged over the last 20 years or so as a result of legal constraints, passive regulatory enforcement, and the common American practice of indemnification and insurance of officers and directors for all but “gross negligence”. This troublesome tilt can be removed when it is recognized and understood.

Keywords:   corporate governance, government regulation, fiduciary responsibility, management

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