Fifteen years ago today, energy giant Enron filed for bankruptcy protection, prompting a chain of seminal legislative, regulatory and public policy developments that influence corporate governance practices to this day, according to a New York Times commentary today. A new generation of leaders has entered boardrooms since then, and it is fair to question what they know, or remember, about the fiduciary failures that not only doomed Enron but also permanently recast the board’s role, according to the commentary. Enron’s bankruptcy remains vitally relevant to today’s corporate board members — not because it was the largest American bankruptcy at the time, but because it gave birth to the fiduciary guidelines and best practices that form the contours of modern corporate governance. The board policies, procedures and codes of ethics to which today’s corporate directors are subject are the direct descendants of the lessons learned from the staggering oversight failures of the Enron board.
