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Corporate governance has evolved into an important institute within recent years because of the highly visible corrupt and unethical practices of large and global companies such as Enron, WorldCom and Parmalat, the Italian dairy conglomerate. These scandals had left stakeholders and governments in a disorientated state. It has always attracted attention due to its apparent importance for the economic health of corporations and society in general. The concept is poorly defined as it potentially covers …

…practice will prevent further corporate failure or improve organizational effectiveness. The quality of corporate governance practices has become as important as financial performance. The benefits of good governance should not be seen as the successful completion of an audit or a milestone achieved. It should be a model of best practice by all stakeholders. The board, employees and staff of all levels should develop a framework that best suit its legislation, operating environment and objectives.