I once guest lectured at a class at Tuck, Dartmouth's business school, about governance. My area is mutual fund governance. Almost no Americans in the class. All were foreigners who believe in good governance (anti-corruption). That really struck me. How Americans take something for granted most of the world wishes they had.

Unfortunately, the problem with governance, as I see it, and I don't believe you mentioned, is that most of it is outdated. Everyone knows where governance looks so works outside it. For example, in the recent shooting of the insurance exec. The board of that insurance company is only looking at meeting regulatory requirements which are decades old.

Because the government doesn't update regulations to prevent denial of coverage and because the directors are paid handsomely to sit on boards, nothing happens. It's a corrupt system to anyone who looks at it rationally. But they have CYA for everything. "We do what the law requires."