The subject studies the evolution and transformation of the concept of corporate governance over the last five decades. Its focus is on the role of the large modern corporation in its economic and social setting, and it will in this context examine the challenges of ensuring the economic efficiency of the corporation while being responsive to the needs of the social environment it operates in. Examined will be issues of accountability, responsibility, and transparency of the corporation and its managers, to its investors, employees, consumers and society generally, the role of corporate social responsibility, enlightened shareholder value, and the notion of Accountable Capitalism. Also examined will be the role and responsibility of institutional investors, block holders, and other arbitrageurs of corporate control. While the primary focus of the study will be on the Australian, UK, and US models, comparisons will also be made with the German, Japanese, and Chinese systems of corporate governance.