The foundation of good corporate governance is the intellectual honesty of directors and senior management. This intellectual honesty is expressed by acting in the best interests of the incapacitated company. The company, on formation, is a person, but it is absolutely incapacitated until its...

Activists are often unhappy with the laws governing business behavior and with their enforcement. One strategy they use to alter the behavior of corporations is to target not the laws but the corporations, hoping that they will change without being legally obliged to. Sometimes firms do, because...