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Lets have a look at corporate governance. Why we need it? What exactly it is? And what constitutes best practice? Corporate governance is required because of a divorce between ownership and control. Shareholders own a business and they have their own objectives. What they would like the directors to do in the business is to work to ensure that their own objectives are met, to make sure the shareholders objectives are met. But, directors have their own objectives too. And they may on occasion differ from what the shareholders want. So, for example if the directors are being paid a bonus based on profits produced for this year, its no surprise that directors will work hard to produce profits for this year. Thats not necessarily the same as producing long term shareholder wealth. I could increase my profits this year by cutting back on training, by cutting back on research and development, by cutting corners. And I would make a profit this year and a bonus but it wouldnt necessarily