Which of the following is NOT a key shift in US corporate governance from the early 1900s to today?

The choice regarding the shift from monitoring boards to captured boards is not representative of a key trend observed in the evolution of U.S. corporate governance from the early 1900s to today. In fact, contemporary corporate governance has increasingly emphasized the role of boards as independent entities responsible for overseeing management and ensuring that the interests of shareholders are prioritized.

Over the years, there has been a significant increase in shareholder activism, with investors becoming more vocal and engaged in the strategic direction and practices of companies. This activism often manifests in demanding changes to governance structures, executive compensation, and operational strategies, thereby shaping the way boards operate.

Additionally, there has been stricter regulatory oversight, particularly following corporate scandals and financial crises, which has led to greater compliance requirements for companies. This oversight is aimed at enhancing transparency, accountability, and ethical behavior within corporations.

Furthermore, the independence of directors has been emphasized greatly over the years, with reforms aimed at reducing conflicts of interest and ensuring that boards can act in the best interests of shareholders without undue influence from management.

These shifts highlight a move toward more robust and accountable practices in corporate governance, contrasting with the notion of "captured boards," which suggests a decrease in oversight and objectivity.