From the editor.

• Author: Marshall, Jeffrey
• Position: Editorial

With the merger environment largely stagnant around the world, strategic alliances and partnerships have taken on more importance than ever. Obviously, there are plenty of ways in which the best-intentioned alliances can fail -- and it behooves the various parties to think carefully about the implications of how these alliances are structured and the language that binds them together.

In fact, writes author and consultant Fred A. Kuglin, due diligence is perhaps as important to an alliance as it is to a merger. Kuglin describes the assorted categories of alliances and details the documents that alliance partners should be aware of and implement, as needed, to make sure their legal bases are covered.

Audit committee service is getting a lot more challenging, as Sarbanes-Oxley rules start kicking in and financial expertise is becoming a key mandate. Writer Paul Sweeney surveys the current thinking on audit panels, talking to finance executives, recruiters and corporate governance experts and critics alike.

In an interview with Managing Editor Ellen Heffes, Gilbert Mittler, CFO of Brussels-based insurance and financial services giant Fortis, talks about a wide range of subjects, including corporate governance and corporate culture, differences between Europe and the U.S., accounting standards convergence and his industry. Another very different interview features author and noted business thinker Gary Hamel addressing innovation and its importance in keeping companies vital and growing.

Also in this issue: An analysis of corporate divestiture trends from KPMG LLP; a report on early feedback on Sarbanes-Oxley from three public companies; Ellen Heffes' interview with Ernst & Young CEO James Turley; two pieces on managing litigation through document management and arbitration, respectively; an article on how...