Much of the study of comparative corporate governance focuses on differences between the approaches of different nations—e.g., two-tier versus single-tier boards, codetermination versus election of directors solely by the shareholders, shareholder primacy norm versus stakeholder models, and especially in the last few years, wide dispersal of stock holdings versus dominance by large block holders. This Article, however, focuses on a similarity: Around the world, the legal norm is that corporations are managed by, or under the direction of, a board of directors.