In this chapter we present the evolution of the French institutional context within a changing global landscape, and reflect on its effects on the governance of domestic-based corporations, in particular as regards the composition and roles of the board of directors. Then, we discuss whether this changing context, including in terms of board governance, had an impact on the strategic direction of firms. The French context is particularly interesting for the study of the globalization of finance and the evolution of corporate governance. Scholars have described it as a context moving toward hybridization: neither fully aligning with the seemingly expanding liberal market system of political economy and governance nor fully persisting with its traditional political economic and governance features. We present some evidence to better understand this new emerging model and, more broadly, institutional change in corporate board governance and strategy in the context of globalization.