At times, the book reads as if it were titled The Greatest Corporate Governance Reform Writings of the 20th Century.

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But it said that after a year of dialogue it was not satisfied that News Corp was committed to implementing the necessary corporate governance reform.

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Broadman recalls working with the Chinese leadership on restructuring state-owned enterprises and corporate governance reform in the early 1990s while he was at the World Bank.

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For such an outspoken voice for reform of corporate governance, Buffett was curiously passive about using his personal power to affect change.

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"We are proud of this historic settlement, which continues the 20 year history of Amalgamated Bank encouraging corporate reform and improved corporate governance, " Amalgamated Bank president and chief executive Edward Grebow said in a statement.

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Yet slimming the board is not the only reform needed to improve corporate governance.

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Dr. Doug Guthrie, Dean, Professor of International Business and Professor of Management at the George Washington University School of Business is an expert in the fields of economic reform in China, leadership and corporate governance, and corporate social responsibility.

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