corporate Governance conceipt
Corporate Governance has now become an international topic. The Cadbury report defines Corporate Governance as the system by which companies are directed and controlled (Cadbury Report, 1992:5). This concise explanation clearly broadens what Corporate Governance implies and the precise roles that leaders in charge of an organization have to undertake in order to foster best practices. However for most companies, the leaders are the Board of Directors (BODs) who has the mandate to decide long-term strategies putting into consideration the interests of shareholders and various stakeholders (Souster, 2012:1). An efficient, effective and accountable BODs is not only essential to every company but is now demanded by the Code of Corporate Governance in almost all civilized jurisdictions of the world (Kunle, 2013:21). In support of Kunle’s view, Renée, Hermalin and Weisbach, (2010:96) argued that because of corporations’ enormous share of economic activity in modern economies, the cost of...