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Corporate governance as defined by international organizations
"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's objectives are set, and the means of attaining those objectives and monitoring performance." April 1999.
WORLD BANK PRESIDENT, J. Wolfensohn:
"Corporate governance is about promoting corporate fairness, transparency and accountability." (Quoted in Financial Times, June 21, 1999)
Sir Adrian Cadbury in 'Global Corporate Governance Forum', World Bank:
"Corporate Governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society" (2000)