Answer the following: (iii) Discuss Steward Theroy of Corporate Governance.

The word 'steward' means a person who manages another's property or estate. Here, the word is used in the sense of guardian in relation to a corporation. The Steward Theory of Corporate Governance is value based. Managers and employees are to safeguard the resources of corporation and its property and interest when the owner is absent. They are like a caretaker. They have to take utmost care of the corporation. They should not use the property for their selfish ends. This theory makes use of the social approach to human nature.