On the other hand, the ownership structure only does not guarantee an effective CG system. One such component is the ownership structure which mainly focuses on the board of directors’ practices and its established committees. Under CG practices, there lie several categories and components which usually indicate the level of CG in a company. As a result, the importance of CG and the awareness about it were rising in the last few decades with the aim to protect and secure all stakeholders interests while ensuring the company’s economic efficiency and leading to sustainability ( Crowther, 2008 Grant, 2003). The existence of CG governs the relationships between the management and the firm’s stakeholders ( Gebba, 2015). In a corporate setting, the implementation of an effective CG system is not as easy as it may appear, with ongoing challenges to maintaining it and reaching the desired goals. The topic of corporate governance (CG) has attracted multidisciplinary researchers from fields such as law, political sciences, accounting, finance, economics and even philosophy. The full terms of this licence may be seen at: Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Copyright © 2018, Maheshwaran Gopalakrishnan License
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