INTRODUCTION
Redefining Corporate Governance for the Long Term
Over two hundred Business Roundtable CEOs publicly rebuke the idea of shareholder primacy. The world’s largest investment management company, BlackRock, requires all companies in its portfolio to demonstrate a path for long-term value creation. Institutional investors, who own 60 percent of Fortune 500 companies, expect leaders to keep the short term and long term in proper equilibrium.
Balancing the short term and long term is a perennial struggle, but these new developments—as well as imperatives to emerge stronger from economic crisis, address climate change, and eliminate racial inequity—put boards squarely at the center and in need of guidance.
To meet these new expectations, ...
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