What is the meaning of corporate governance?
Corporate governance is most often viewed as both the structure
and the relationships which determine corporate direction and
performance. The board of directors is typically central to
corporate governance. Its relationship to the other primary
participants, typically shareholders and management, is critical.
Additional participants include employees, customers, suppliers,
and creditors. The corporate governance framework also depends on
the legal, regulatory, institutional and ethical environment of the
community. Whereas the 20th century might be viewed as the age of
management, the early 21st century is predicted to be more focused
on governance. Both terms address control of corporations but
governance has always required an examination of underlying purpose
and legitimacy. - - James McRitchie, 8/1999
http://corpgov.net/library/definitions.html