Biographical note: James P. Hawley, Shyam J. Kamath, and Andrew T. Williams are professors of economics and business at Saint Mary's College of California. Hawley is Director of the Elfenworks Center for the Study of Fiduciary Capitalism. Kamath is Associate Dean and Director of Global,...

This paper focuses on underlying causes for the emerging systemic emphasis among major corporate governance institutional owners. It does this by building incorporating three stages of corporate governance: structure and process as governance (stage I), broadening to include E and S factors...