ABSTRACT
The intensity of corporate governance debate probably reached its peak in the years immediately before the financial crisis came to a head in 2007–2008. This is hardly surprising, since in many ways the numerous failures of corporate governance precipitated the crisis. Many companies now supply services to individuals that have become critical to individual well-being and economic activity – and are so large and so complicated’. The use of private sector businesses to pursue the aims of government – usually overtly but sometimes covertly has a long history. The Astra and Matrix Churchill cases of the 1980s are two particularly relevant instances. The gaps between laws and activities and between principles and behaviour is where issues contrary to good governance flourish – like weeds colonising the gaps in between paving stones. The model of the limited liability company, which floats its shares in order to further its business, dating from the nineteenth century has come under criticism.
