While the collapse of such corporate titans as Enron and WorldCom cost investors hundreds of billions of dollars, it has spawned a worldwide growth in corporate governance services that is riding a new wave of shareholder activism.
Once the preserve of marginalised activists and academic researchers, shareholder activism has morphed into a global business worth $US1 billion ($1.3 billion) a year.
So it should be no surprise that the world's largest provider of corporate governance and proxy voting services, US-based Institutional Shareholder Services, is headed by a man who thinks of himself as primarily an entrepreneur. He sounds it, too.
"The industry has moved from one historically made up of individuals who were doing it because of a lifestyle or activism, to now being a provider of business solutions," ISS chief executive John Connolly said.
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