ESG

THE CORPORATE GOVERNANCE MACHINE

Dorothy S. Lund* & Elizabeth Pollman**

The conventional view of corporate governance is that it is a neutral set of processes and practices that govern how a company is managed. We demonstrate that this view is profoundly mistaken: For public companies in the United States, corporate governance has become a “system” com­posed of an array of institutional players, with a powerful shareholderist orientation. Our original account of this “corporate governance machine” generates...

In response to the national reckoning on race that began in the sum­mer of 2020, Aunt Jemima resigns and issues a call to all corporations to address systemic racism. In this imagining of the letter that she, as a real Black woman, would send upon her resignation from PepsiCo, she tells her own story as a spokesperson based on racist tropes and suggests that the country is at a turning point. Corporations must do more than issue statements about...