Corporate governance makes headlines when things go wrong. The collapse of Barings, billion-dollar-plus trading losses at Daiwa Bank and Sumitomo Corporation, embarrassing and costly litigation and regulatory sanctions over derivatives sales practices at Bankers Trust, and other highly publicized cases have raised questions about the adequacy of corporate governance in international financial and other institutions. Given the geographic scope and product complexity of today’s financial markets, some have even wondered whether “good” governance is truly achievable in a global banking or other financial institution.