Abstract: The world of 2005 serves as the backdrop for a scenario that raises tricky questions about investing overseas. The scenario was played out last year in San Francisco at the International Industrial Conference, co-sponsored by The Conference Board and SRI International. In introducing a distinguished panel, Conference Board CEO Richard Cavanagh said he hoped the dialog would explore how expanding capital flow affects corporate-governance practices and illuminates the changing role of executives, directors, investors, customers, and others. The panel discussion is presented.