The New Governance Lab inspires tomorrow’s game changers

How W. P. Carey scholars are redefining corporate oversight through collaboration, data, and values-driven leadership.

Originally published in the fall 2025 issue of W. P. Carey magazine.

Good governance shapes companies, and the world in which they operate and the leaders who will drive that change. At W. P. Carey, the New Governance Lab is pioneering a more inclusive, forward-looking, and insightful approach to corporate oversight, aligning with the Changing Futures campaign's call to lead systemic change in business and society.

"Governance is a critically important part of our economies globally," says Amy Hillman, Foundation Professor, Rusty Lyon Chair in Strategy, and executive director of the New Governance Lab. "Yet while we have deep data on public companies, there's very little rigorous research for the 25 million private firms in the U.S. That's the gap we're aiming to fill."

The lab works to expand the scope of corporate governance — not just a compliance exercise, but a force for long-term, values-driven decision-making that prepares future leaders to navigate complexity and make a meaningful impact. Since its launch, the lab has funded more than 30 research projects led by 24 faculty and 11 PhD students across eight W. P. Carey departments.

The lab also launched its first national survey of private company board practices in 2025, in partnership with the Private Directors Association, benchmarking more than 50 practices across various areas, including compensation and mentoring. "This data set will allow companies to benchmark their governance," Hillman says. "And it will support new research that helps us understand how governance practices vary by ownership structure, size, and industry."

To translate research into action, the lab will debut its first Director Readiness Program this November in partnership with the Directors Academy. Designed for professionals seeking their first public or private board seat, current board members will lead the two-day experience. "It's a hands-on way we're helping build the next generation of informed, effective board leaders," Hillman says.

Global partnerships are also amplifying the lab's impact. A recurring governance and sustainability conference, such as the one hosted with Hong Kong University and alternating between Hong Kong and Tempe, Arizona, brings together researchers and practitioners from around the world to exchange insights and inspire new scholarship.

The broader mission is clear: to build data, tools, and networks that redefine success in business. "We often look at company performance in financial terms," Hillman says. "True success today also includes employee engagement, customer loyalty, and strong community ties. By broadening our measures of what makes a company great, we're supporting more inclusive, thoughtful leadership."

To sustain the lab's impact, W. P. Carey is actively seeking philanthropic partners and advisory board members who believe in the power of good governance to drive meaningful change. "We're at a startup stage," Hillman says. "Now we need five-year commitments from those who want to invest in this work."

Join us in supporting better governance and empowering the leaders of tomorrow's boardrooms. To get involved, contact [email protected] or [email protected].

Learn more about the New Governance Lab.

Read the full Changing Futures feature.