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| Author: | Anderson, D.W. Melanson, S.J. Maly, J. |
| Title: | The evolution of corporate governance: Power redistribution brings boards to life |
| Journal: | Corporate governance
2007 : SEP, VOL.15:5, p. 780-797 |
| Index terms: | board of directors chief executive officers corporate governance management power Australia Canada New Zealand USA |
| Language: | eng |
| Abstract: | A field research was performed from 2004 to 2005 by way of a survey with corporate directors in four countries, that's Australia, Canada, New Zealand and the United States (U.S), n = 658) and institutional investors in Canada (n = 34). Across countries, reported changes in directors' views and practices are substantial and consistent. There is a fundamental shift in the positioning of the board toward becoming a strategic partner to management. The role of institutional investors also shifted in ways being complementary to this new role of directors. It is suggested that the board is evolving towards a more collaborative role with management, consistent with stewardship theory. Also, the findings suggest that directors are seeking a balance btw. collaboration and their role as monitors of management, rejecting the notion of the board as primarily a monitoring body. |
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