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Corporate governance. A set of principles that direct and limit the actions of a corporation and its officers. The act of institutionalizing ethical business behaviour in the corporate setting. The new environment of the global economy; a new business approach. Successes and failures. Corporate governance as a key ingredient to long-term business success. Some results of globalization. A period of massive transformation and upheaval in financial markets. The opportunity for some ambitious companies to be reckless. Alternative sources of funding. Fee-based advisory services. The example of the investment house Drexel, Burnham, Lambert and its junk bond guru, Michael Milken. The infamous battle for control of RJR Nabisco. The end of the 1908s; for many, bankruptcy. The need to revisit basic priorities and re-emphasize qualities that reward honest, responsible management and sound, long-term thinking. The role of legislation in business. The lack of need for legislation when principles of corporate governance are in place. The integrity and competence of directors and management. The responsibilities of management. Characteristics of corporations and international business leaders of the future.