Corporate governance is the system by which business corporations are
directed and controlled. The corporate governance structure specifies the
distribution of rights and responsibilities among different participants in
the corporation, such as, the board, managers, shareholders and other
stakeholders, and spells out the rules and procedures for making decisions
on corporate affairs. By doing this, it also provides the structure through
which the company objectives are set, and the means of attaining those
objectives and monitoring performance. (Source: OECD, Organization for
Economic Co-operation and Development)
