Presenting evidence from a 19th century corporation, the Chesapeake and Ohio Canal Company (C&O), the paper shows that issues of corporate governance have existed since the first corporations were established in the U.S. The C&O used a stockholder review committee to review the annual report of the president and directors. The paper shows how the C&O stockholders used this committee to supplement the corporate governance structure. The corporate governance structure of the C&O is also viewed from a theoretical structure as espoused by Hart .
Russ, Robert W.; Previts, Gary John; and Coffman, Edward N.
"Corporate governance in the 19th century: Evidence from the Chesapeake and Ohio Canal Company,"
Accounting Historians Journal: Vol. 36
, Article 9.
Available at: https://egrove.olemiss.edu/aah_journal/vol36/iss2/9