From the report of Cadbury Committee Chaired by Sir Adrian Cadbury 1992 it can be quoted the definition of corporate governance "the system by which companies are directed and controlled". It means the outline by which the various stakeholders’ interests are balanced, as the International Finance Corporation states, "the relationships among the management, Board of Directors, controlling shareholders, minority shareholders and other stakeholders". According to Organisation for Economic Co-operation and Development (OECD) in “Corporate Governance, Value Creation and Growth” this is the infrastructure by which the objectives of the corporation are settled, implies in it the objectives’ meeting assurance and monitoring of it. However Sir Adrian Cadbury had mentioned in his book (3rd edition) Five Golden Rules what can help to define good corporate governance on the basis how it operates and can set out a practical methodology for implementing and monitoring its core goals. These rules are having a clearly ethical basis to the business, having appropriate goals and the capability to achieve it through suitable stakeholder decision making model, having an effective strategy process which incorporates stakeholder value, creating an organisation... [continues]
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