Corporate governance and director accountability: An institutional comparative perspective

This paper examines the role of boards of directors in light of institutional contingencies and recent best practice governance guidelines and regulation such as the United Kingdom Higgs Review and the United States Sarbanes-Oxley Act 2002. Particular attention is paid to discussing the role of independent directors across countries, and the implications for corporate governance innovation. It concludes by posing questions about recent corporate governance transformations and providing suggestions for future research. ‘Having served on the board of public companies since 1993, [she] has watched the culture of board-rooms change from golf games, cigars and fancy dinners to meetings that begin at 6 a.m. and intense pressure to submerge oneself in ever-changing ac-counting and governance regulations. ’ (Wall Street Journal, 21 June 2004, p. R4)