What is Corporate Governance?
Taken literally, corporate governance is about how companies are governed. Corporates, in this
context, are not just large companies but both large and small, profit and not-for-profit, public
and private entities. Governance refers to control or influence or regulation through
management processes, policies, procedures, manuals that spell out or define corporate
behaviour.
At the centre of a good system of governance is the board of directors (although they are not
the only stakeholders). Good corporate governance defines relationships between key
stakeholders in an organisation (whether social or institutional relationships) in terms of their
rights and responsibilities. It defines the structure, the power that resides with each role in the
structure and recommends conflict resolution procedure in the event of conflicting roles or
personalities within the structure.
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