There is growing interest in the role of corporate governance systems within the strategy-making process of firms. Using a `strategy as practice' perspective, we conceptualize the governance system as a contested space in which management and security analysts mutually adapt/transform and enact corporate strategies vis-h-vis argumentation. Synthesizing this micropractice perspective within corporate governance research, the supple role of securities analysts' arguments in shaping corporate strategies assumes a new significance. It also provides a basis for observing and understanding the contested nature of the retail internationalization process. The implications and opportunities for management studies and economic geography are considered.