'Good governance flows from ethical business practices even when there is no legislation. It promotes investor confidence, which is crucial to the ability of entities listed on stock exchanges to compete for capital.' An

Corporate Governance is integral to the existence of the company. Corporate Governance is needed to create a corporate culture of transparency, accountability and disclosure. Specifically corporate governance is needed to: (a) To improve company performance (b) To enhance enterprise valuation (c) To enhance investor interest (d) To facilitate global access for finance, suppliers and customers (e) To combat corruption (f) To improve accountability (g) To reduce risks of scandals and crises Management Environment Management environment includes setting-up of clear objectives and appropriate ethical framework, establishing due processes, providing for transparency and clear enunciation of responsibility and accountability, implementing sound business planning, encouraging business risk assessment, having right people and right skill for the jobs, establishing clear boundaries for acceptable behavior, establishing performance evaluation measures and evaluating performance and sufficiently recognizing individual and group contribution within the organisation. Board Skills To be able to undertake its functions efficiently and effectively, the Board must possess the necessary blend of qualities, skills, knowledge and experience. Each of the directors should make quality contribution to the organizations policies, operations and management. Illustratively, a Board should have a mix of the following skills, knowledge and experience: Operational or technical expertise, commitment to establish leadership; Financial skills; Legal skills; and Knowledge of Government and regulatory requirement