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William Browder, the top executive of the Hermitage Fund, the best- performing international equity fund over the last five years, attributed much of his funds'' strong returns to its focus on shareholder activism and corporate governance. In 2001, he was putting this approach to the test by accusing the Russian oil and gas giant Gazprom and the international accounting firm Price Waterhouse Coopers of not stemming governance problems. Although the press provided extensive coverage of Gazprom''s problems and the share price rose, Browder failed in his other efforts to get a board seat, and his lawsuits were dismissed. Was it time to refine or change this activist strategy? These were the questions Browder (and his investors) considered as he left on a long overdue vacation.; Illustrates the extent of corporate governance problems in firms, identifies mechanisms investors can use to address concerns about misgovernance, introduces the potential role of the media as a check on corporate governance problems and how firms can use this tool as part of their strategy, and explores the opportunities and risks to shareholder activism.