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There is a striking similarity of imagery in much recent writing about the derelictions of large corporations. Corporations, it is asserted, often behave badly as a result of their internal organization and structure; the remedy for this disturbing proclivity is said to involve going behind the corporate veil, forcibly intruding on the corporation's private spheres, to reshape the process through which it makes decisions. Equally striking about this genre of corporate literature is its failure to describe actual experience behind the veil and to examine specific instances of the kinds of corporate decisions to be reached by its proposed reforms. Similarly, much of this writing tends to downgrade more traditional remedies for corporate wrongdoing-the shareholder's derivative suit, civil and criminal fines and penalties-in favor of changes in management structure. The restructured corporation envisaged by these critics would feature an independent and knowledgeable board of directors vigilantly monitoring the performance of operating management, assessing that performance in terms of goals set by the board while detecting any crucial missteps in management's operation of the business. After describing these proposals for restructuring, this article examines some recent instances of corporate behavior which, in the author's view, bear heavily on the proposals' likelihood of success.

Reweaving the Corporate Veil: Management Structure and the Control of Corporate Information