It seems that every few years, MI6 needs to "clean house". At least the subdivision at EON Productions does. After the lackluster audience response to 1989's Licence To Kill (Tim Dalton's last Bond performance), plans were made to make another Bond film—although Dalton in interviews was suspecting it would be the last one in the series.
It seems United Artists, the franchise's home-studio, under new managers M-G-M-Pathé, was doing some leveraging using the popular Bond series as collateral, with the idea of "packaging" its international broadcast rights for cheap. Also, a rival producer who'd won a plagiarism lawsuit against Bond creator Ian Fleming was making noises about recycling his "Thunderball" material again. EON Productions, at one point, was even offering to sell its 50% ownership in the Bond series. In layman's language, the villains seemed to be teaming up against 007.
But, once the QB's dust had settled—taking six years—the series had lost Dalton, one of its long-time screenwriters, the "home" director, their legendary titles designer, and even Albert Broccoli, now the sole owner of EON, was in ill health. Daughter Barbara and step-son Michael Wilson took over the Bond business.
The result, Goldeneye—named after Fleming's Jamaican home because they were running out of Fleming titles—with Martin Campbell directing, tried different things. They re-hired Pierce Brosnan as Bond,* brought in new actors for old characters, and "upped" the actor budget a bit. At some point, as the real life MI5 had put Stella Rimington in charge, they decided that Bond's boss "M" should now be female. And they hired Dame Judi Dench to play her. Good move, that.
Yes, it's taken a long time to get to the point here, but then the "M" meeting in Goldeneye doesn't occur until a full 45:20 into the film.
At this point in the proceedings, the two are sizing each other up (presumably they'd never met, only knowing each other through reputation) in much the same way that long-time Bond-watchers are sizing up the changes that have happened in the drought period.
The casting of Dench was a brilliant stategic move. Growing up in the theater, she knew actor Bernard Lee (who'd originated the role) and, despite the differences, the roles are pretty much the same. "Stop fooling around, 007." "Don't make it personal, 007." Although Lee never called Bond "a sexist, misogynist dinosaur—a relic of the Cold War" (because presumably his "M" was, too). I liked that. I always like it when Bond gets roughed up a little...but only when it really hurts.
And Dench was so good, she was featured more prominently in the role than her predecessors...and was kept on when Brosnan was let go and they re-booted the franchise with Daniel Craig...almost from scratch (creating a mind-blowing paradox in the Bond time-space continuum, if you're straight-jacketed by such things). But, when you've got Judi "freakin'" Dench, why wouldn't you? "M" always seemed more important with Dench behind the desk, to the point where Skyfall is all about her and less about Bond. And even after the character's death in that film, Dench's presence still haunted the next two films like a ghost.
We'll see what happens with the next one.
The hall of M's from No Time to Die
The Set-Up: An igniting of an orbiting nuclear-pulse weapon only rumored to exist. The hijacking of the latest prototype of attack helicopter at its unveiling. Add to that several unexplained murders, and it seems the alert-screens at MI6 won't ever stop lighting up. Time to call in 007 (Pierce Brosnan) and meet the new boss/same as the old boss (Judi Dench). But, not at all. The Old Boy's Club has finally been breached, and it's time for some straight talk.
Action.
INT. M’S OFFICE - NIGHT
M is on the phone. 
M: Very well, Sir. Thank you, good night.
007 is seated in a chair, hands folded neatly
M: What else do we know about the Janus Syndicate?
Bond is a little annoyed...
and wasn’t worth following?!
BOND: The thought had occurred to me.
Bond takes a sip of his drink.
She’s got his attention.
M (O.S.): Bond.
Words by Jeffrey Caine, and Bruce Feirstein
Pictures by Phil Meheux and Martin Campbell
Goldeneye is available on DVD and Blu-Ray from M-G-M Home Video and Fox Video.
* It's a long story. Brosnan had been signed once (for The Living Daylights) but, was still contractually bound to the TV series "Remington Steel" whose network decided the renewed interest in Brosnan as Bond might jump-start the show's sagging ratings. They renewed the option to produce it. Broccoli, not wanting to under-cut his Bond series with competition from television, let Brosnan go, and hired Timothy Dalton to play Bond.
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