The Global Environmental Governance (GEG) reform, created in 2001 under the auspices of the United Nations, pays only scant attention to companies and their roles. Such situation contrasts sharply with the increasing involvement of these corporate actors in international negotiations concerning the environment. We show how this gap drastically reduces the chances of success of the GEG reform. First, its implementation will neglect the positive functions accomplished by those actors, which are essential to achieving its main objectives. Second, the reform will not address the causes of the strategic resistance developed by most of the companies as a reaction to the growing institutionalization of the environmental protection. Finally, it will disregard the challenges posed by the growing involvement of certain companies in the GEG, mainly through the emergence of private regimes. ■