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Boardroom Challenges
Lessons from the Financial Crisis and Beyond
JAY W. LORSCH
Numerous corporate scandals and failures have characterized the first decade of the twenty-first century: from the burst of the dot-com bubble in 2000 to malfeasance at Enron, Tyco, WorldCom, and elsewhere in 2002 to the demise of once-great automotive companies and the failures of banks and related financial institutions in 2008 and 2009. Each wave of business problems has been accompanied by accusations of failure on the part of corporate boards and by calls for government action. Indeed, passage of the Sarbanes-Oxley Act in 2002 was a direct result of the failures of WorldCom, Enron, and other mismanaged companies. Pressure from shareholder groups, the media, ...
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