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Corporate governance involves the rules, relationships, and practices that guide an organization's direction and control. According to the ASX Corporate Governance Council, it is essential for determining how organizations are managed. The OECD highlights its importance in improving economic efficiency, growth, and investor confidence. Practically, governance refers to how an organization is controlled and the accountability mechanisms for its operations and people. The term "governance," derived from Latin, signifies the helmsman or captain of a ship, indicating the responsibility of corporate bodies to fulfill their obligations to stakeholders, and it establishes the relationships among directors, management, shareholders, and other stakeholders, with authority cascading from the board down to the executives.