Putting in place a good system of governance is part of the actions taken by modern corporate entities to ensure a culture which encourages sustainable business. The issue of a good system of governance has become extremely important globally over last 20 or so years simply because of the incidence of some socially unacceptable practices which were going to totally erode investors’ confidence in financial reporting, for example financial fraud, economic crises, false accounting etc. which has resulted in the need for shareholders’ rights and interests to be protected. Since any failure in taken responsible actions in this regard would undoubtedly make it impossible for businesses to expand and grow, understandably investors would be wary to invest in the global capital markets and listed companies run and managed by non-owner directors.
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