Notes:

• Pre-Enron Era: Focused on basic legal compliance and shareholder primacy.
• Post-Enron/SOX (2002): Shifted focus to financial transparency, auditor independence, and internal controls after major accounting scandals.
• Post-2008 Crisis: Expanded to risk oversight, executive compensation reform, and systemic stability.
• Modern Era (2025-2026): Integration of ESG, digital oversight (AI), and the rise of stakeholder capitalism .