In a recent article on Train Wreck, Steve Tobak put forward the idea that corporate governance is a myth. He based that hypothesis on the assertion that there are no consistent and effective laws, methods and metrics governing public companies.
From my years of experience with public company boards and directors, I would agree about the lack of consistently effective laws or methods for governance. But I would also give a bit more credit to those who serve on corporate boards. I have worked with quite a few in my day, and most have been peopled with ethical and hard-working directors and have managed good standards of governance, often under trying circumstances.
Through my work in corporate governance, I have come to view governance as a social system that is very dependent on the qualities and characters of the people involved.
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