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The Future of Banking in America - the Changing Corporate Governance Environment: Implications for the Banking Industry

This paper identifies the main developments of the changing environment and illuminates issues of corporate governance that U.S. bankers are likely to face. The paper begins by reviewing the so-called Anglo-Saxon model of corporate governance, which is derived from English common law and based upon extensive legal protections and a large, diffuse ownership of companies. The paper then reviews major academic research on the mechanisms and strategies used to promote good governance in the United States. Next, the paper reviews recent efforts to reform U.S. corporate governance and traces dominant trends. These sections are concerned with corporate governance as it applies to all U.S. businesses. The final section (before a summary and conclusion) focuses specifically on banks and their corporate governance within the broader context.