The rise of corporate governance as one of the preeminent business issues in the early twenty-first century raises fundamental issues about the character of the modern corporation. How will it be managed, monitored, and regulated? How will it be held accountable to its stakeholders? Who are these stakeholders? And how must boards and managers conduct themselves in an increasingly complex, global economy in which decisions and events become public knowledge at “Internet speed”? This paper argues that strong and effective corporate governance will be increasingly characterized by sustainability reporting that provides full disclosure of environmental impacts, business practices, employment policies, health and safety standards, etc.