If you zoom from the trenches to orbital distance, it becomes clear—and striking—how corporate governance in the United States has transformed seemingly overnight. For decades, corporate governance had been little more than a code word for proxy voting, but now it has emerged as a deeper conversation about long-term value creation. This swift metamorphosis is producing a whole new species of public statements by investors. Governance professionals at corporations now face the challenge of absorbing and incorporating these into strategic thinking. Examples of what we mean in a moment.
