The inception of modern-day corporate governance traces its roots back to 12th century southern France, in the town of Toulouse, where two flour mills were owned by a cooperative. As the challenges of owning the business were encountered, the shareholders continuously iterated on the structures for managing the mills, effectively creating the first modern-day corporations.

Venice, 1171-2, was a city in financial strife. Within what’s terms the Medieval Era by historians it was certainty the dark ages for finance. The Republic of Venice had lost a war to the Byzantine Empire, causing significant damage to their fleet, embarrassing the city. The leader at the time, the Doge of Venice Michiel (a modern-day Chief Magistrate/Duke) was murdered by a fellow Venetian upon return from the war.