Corporate Governance has a lot of definitions but its main definition is…

Anchor on the safety of the stakeholders and

the protection of the interest of stakeholders because they are the governing body of a
corporation

Characteristics of a Corporate Governance

A good governance has Participation

the ones who participate primary are BOD, shareholders, government and people, audit
committee, interlocking directors, suppliers and customers

Accountability
assessed based on how their decisions are implemented
why are they accountable? because they make decisions
You are accountable to a certain level if you act on the ground of dishonesty and fraud, gross
negligence; you acted within your authority, you abused your power
You are not accountable if you acted within your authority with prudence or carefulness to your
duties and responsibilities, even if it resulted to failure
You are accountable if there is dishonesty, fraud and gross negligence. Even BOD are
accountable to that.
Decisions makers are not accountable of some failures if they acted honestly with authority
who are accountable? decision makers are not accountable if they act and use their authority
with honesty and prudence
at what certain level are you authorized? at what degree are you accountable?
Do your responsibilities in good faith
Grounds of punishment depends on the amount of damage done