The Development of the Law of Corporate Governance

Abstract

In the recent ALI Tentative Drafts there are suggestions for corporate law reform which repeat themes, well rehearsed for almost two generations, criticizing that body of law. The persistence of the criticism has not been rewarded, however, for, with the exception of federal securities le~slation, both statutory and case law have generally moved in a direction contrary to that demanded by the critics. This is somewhat surprising, since an allied body of criticism directed at consumer and antitrust law achieved considerable success.