Exploring frameworks of corporate governance.

Abstract

Corporate governance can be considered as an environment of trust, ethics, moral values and confidence – as a synergic effort of all the constituents of society – that is the stakeholders, including government; the general public etc; professional / service providers – and the corporate sector. One of the consequences of a concern with the actions of an organisation, and the consequences of those actions, has been an increasing concern with corporate governance (Hermalin 2005). Corporate governance is therefore a current buzzword the world over. It has gained tremendous importance in recent years. There is a considerable body of literature which considers the components of a good system of governance and a variety of frameworks exist or have been proposed. This chapter examines and evaluates these frameworks while also outlining the cultural context of systems of governance. Our argument in this chapter is that corporate governance is a complex issue which cannot be related to merely the Anglo Saxon approach to business; indeed it cannot be understood without taking geographical, cultural and historical factors into account in order to understand the similarities, differences and concerns relating to people of different parts of the world. In part therefore this chapter also serves as an introduction which sets the scene for the other chapters in the book as well as outlining the purpose of the book and the contributions within this theoretical and practical context.

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