A new study suggests bosses and boards have over-reacted to the parade of corporate scandals. Many it seems are forgetting about strategy. The study classifies boards into two categories: "investor-driven" (highly reactive to shareholder pressure with directors in a policing role) and "strategy-led'' (where the board focuses on what's needed to stay ahead). The study also points to the alarming level of short-termism in the corporate world. Quarter-to-quarter thinking is really the enemy of strategy but the trouble is it's a circular argument. Companies that complain the most about the short-termism of institutions are usually the ones without a clear long-term strategy. Thoughts?