Most investment today is conducted by a relatively small number of institutional investors - pension funds and investment managers - who manage the pensions and saving funds of millions of ordinary people. The manner in which these institutional investors invest and discharge their responsibilities as the owners of companies is, therefore, of critical importance to society as a whole.

The end of the Cold War and the virtual disappearance of communism have completely altered the world economy. The supply chains of supermarkets and consumer goods industries have spread ever more widely and deeply into Asia, Africa and South America, while oil, mining and financial companies, among many others, have invested heavily in countries that were previously denied to them by political or ideological barriers.

While companies have seized the opportunities presented by globalization, they have in many cases been completely unprepared for the risks presented by their headlong...

The end of the Cold War and the virtual disappearance of communism have completely altered the world economy. The supply chains of supermarkets and consumer goods industries have spread ever more widely and deeply into Asia, Africa and South America, while oil, mining and financial companies, among many others, have invested heavily in countries that were previously denied to them by political or ideological barriers.

While companies have seized the opportunities presented by globalization, they have in many cases been completely unprepared for the risks presented by their headlong...