Advocates of corporate governance reform hailed passage of the Sarbanes-Oxley Act in 2002 as a long-overdue raising of the accountability bar for corporate directors. Although SOX, as the law is widely known, does not legally apply to nonprofit boards, it has profoundly influenced the way many trustees, especially current and former corporate executives serving on college boards, envision their governance roles. At its best, this new orientation leads governing boards to engage more purposefully in the critical issues facing their institutions. At its worst, it leads trustees to jump the line between policy setting and management--to the detriment of both. The author offers some examples of this "new managerialism," defines it in greater detail, and suggests some ways in which presidents can protect themselves and their institutions from its worst features.