This study examines the phenomenon of shareholder-owned microfinance institutions (MFIs) at a global level, with a focus on two issues central to this model: ownership structure and corporate governance. Members of the Council of Microfinance Equity Funds have shared a keen interest in researching and analyzing the issues presented in this study, which, to the Council’s knowledge, is the first of its kind to be undertaken globally. It is the Council’s hope that this study will prove useful not only to its own members, but to all parties interested in microfinance as a means to improving the financial well-being of low-income workers throughout the developing world.