No aspect of business or finance has changed more dramatically over the past decade than corporate governance. Until recently it has been unthinkable for a shareholder resolution to be sponsored by an institutional investor, or for a resolution sponsored by an individual investor to get more than 3 per cent of the vote. Suddenly institutional investors are submitting dozens of shareholder resolutions, all with substantial support. Astonishingly, shareholders have been reponsible for the departures of CEOs from the giants of Corporate America - General Motors, weestinghouse, IBM and Kodak. Every day, companies are faced with dozens, even hundreds, of critical decisions concerning the allocation of resources, financial and organizational structure, and strategic directions. Who should make these decisions? And who should be held accountable for their consequences? Boards of directors are the 'watchers' who govern the destines of today's corporations, and Robert Monks and Nell Minow have been watching over their actions for years. This book was written for the people who need to know the most about corporate governance--directors, managers, shareholders, anyone in business--by the people who may know the most about doing it right. 'Watching the Watchers: Corporate Governance for the 21st' 'Century' covers everything modern-day managers need to know about corporate governance. Monks and Minow examine what a corporation is and how to measure its performance. In separate chapters on the rights and responsibilities of shareholders, boards of directors, managers, and employees, the authors examine the roles that each of these 'corporate constituents: can, do, and should play in determining corporate direction and strategy. And they conclude with recommendations for increasing the productivity and competitiveness of corporations by strengthening of corporations by strengthening the shareholders and the board--the 'watchers.' Their real-world experiences, insights, and instructions are of critical importance to anyone concerned with the direction of business in our time.