Discuss Enron's corporate governance from the perspective of agency theory. What is the governance role of an auditor in a public company? Why might Arthur Anderson have been criticized for their conduct at the time?

2. Enron's chairman Kenneth Lay claimed that Enron was "laser-focused on shareholder value" and that no one had been hurt more by Enron's collapse than him. What criticisms might be made of Enron's corporate governance from a stewardship and stakeholder perspective?

3. Charkham and Simpson (1999) claimed that shareholders are more likely to lose money because the relevant people in the firm are not "up to the mark" than merely because they are "agents" bent on pursuing their own interests at the expense of others. Do you think that this might have been the case at Enron?