‘Rage Against the Dying of the Light’: Why Corporate Boards Are No Longer Looking Away

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“Do not go gentle into that good night. Rage, rage against the dying of the light.” — Dylan Thomas.

For decades, corporate governance often operated on an uncomfortable bargain.

As long as chief executives delivered shareholder returns, boards were frequently willing to overlook behaviour that might otherwise have raised concerns. Personal conduct, conflicts of interest and executive influence were often treated as secondary to quarterly earnings.

That bargain appears to be changing.

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Recent events at Nestlé and Hershey suggest that major corporations are becoming increasingly willing – not just to replace powerful leaders – but to actively limit their influence once they leave office. Whether driven by regulators, investors, ESG expectations or litigation risk, boards appear to be sending a clear message: governance now extends beyond performance.

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