Past economic crises have served as a constant reminder that observance of modern corporate governance principles continues to be a clear reflection of corporate commitment to responsible citizenship. Both corporate governance and responsible citizenship draw inspiration from the fundamental principles of fairness, transparency and accountability.While the principles of, and the culture behind, corporate governance are fundamentally the same everywhere, the practices and approaches to improving those practices do vary from one country to another.The traditional approach taken to raise the standards of corporate governance practice has been to empower the corporate board. Corporate governance, therefore, is about shaping the leadership of the corporate board.Board empowerment has assumed a high priority in many industrialized countries, where there has been an “agency problem”. Howeve...

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