Corporate governance has evolved through decades of economic shifts, corporate failures, and intellectual debates about the purpose of the modern corporation. At its core, corporate governance concerns how companies are directed and controlled, and particularly how power is distributed and exercised among managers, owners, and stakeholders. The field draws on several theoretical perspectives, each illuminating different aspects of governance. Although these theories sometimes appear to conflict, they are better understood as complementary perspectives on the same fundamental challenge: ensuring that those who manage the corporation act in the best interests of the enterprise, its owners, and society.