Corporate governance is the set
of processes, customs, policies, and laws affecting the
way in which a corporation is directed, administered or controlled.
Corporate governance also includes the relationships among the many
players involved (the stakeholders) and the goals for which the
corporation is governed. The principal players are the shareholders,
management and the Board of Directors. Other stakeholders include
employees, suppliers, customers, banks and other lenders,
regulators, the environment and the community at large.
Corporate governance is a multi-faceted subject. An important
theme of corporate governance deals with issues of accountability
and fiduciary duty, essentially advocating the implementation of
policies and mechanisms to ensure good behaviour and protect
shareholders. Another key focus is the economic efficiency view,
through which the corporate governance system should aim to optimize
economic results, with a strong emphasis on shareholders welfare.
There are yet other aspects to the corporate governance subject,
such as the stakeholder view, which calls for more attention and
accountability to players other than the shareholders.
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