Although the Corporate Governance concept has been variably defined, its key elements are:

1. Exercise of authority or stewardship
2. Ensuring accountability and transparency
3. Promoting integrity and efficiency

ICGU tersely defines Corporate Governance as “the system by which companies and corporations are directed and controlled.” This definition recognizes that any enterprise, whether public or private, is entrusted with power and must adhere to established principles and practices governing the apportionment and exercise of this power.

The current global economic environment is grounded in free trade, significant private sector influences and market-driven economic development. Corporate governance has a central role in sustainable wealth creation, particularly in the area of private sector development, as it establishes transparency in enterprises while ensuring corporate accountability. This in turn helps to build the confidence required for development and operation of efficient financial markets. At the level of individual firms, strengthened governance facilitates access to diverse forms of business finance.