OECD Definition of Corporate Governance "OECD defines corporate governance as follows: Procedures and processes according t o which an organisation

n is directed and controlled. The corporate governance str ucture specifies the distribution of rights and responsibilities among the diffe rent participants in the organisation such as the board, managers, shareholders an d other stakeholders and lays down the rules and procedures for decision-making." Source: OECD web pages Financial Times Definition of Corporate Governance "How a company is managed in terms of the institutional systems and protocols me ant to ensure accountability and sound ethics. The concept encompasses a variety of issues, including the disclosure of information to shareholders and board me mbers, the remuneration of senior executives, potential conflicts of interest am ong managers and directors, supervisory structures, etc." Source: Financial Times web pages Cadbury Report Definition of Corporate Governance "Corporate governance is the system by which companies are directed and controll ed. The boards of directors are responsible for the governance of their companie s. The shareholder s role in governance is to appoint the directors and the auditors to satisfy themselves that an appropriate governance structure is in place. The responsibilities of the board include setting the company s strategic aims, providi ng the leadership to put them into effect, supervising the management of the bus iness and reporting to shareholders on their stewardship. The board s actions are su bject to laws, regulations and the shareholders in general meeting." Source: Cadbury report, European Corporate Governance Institute BusinessDictionary.com Definition of Corporate Governance "The framework of rules and practices by which a board of directors ensures acco untability, fairness, and transparency in a company's relationship with its stak eholders (financiers, customers, management, employees, government, and the comm unity). The corporate governance framework consists of (1) explicit and implicit contracts between the company and the stakeholders for the distribution of resp onsibilities, rights, and rewards, (2) procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privilege s, and roles, and (3) procedures for proper supervision, control, and informatio n-flows to serve as a system of checks and balances." Source: Businessdictionary.com