CORPORATE GOVERNANCE Definition:Corporate Governance is a system of structuring, operating and controlling a company with a view to achieve long term strategic goals to satisfy shareholders, creditors, customers and suppliers, and complying with legal and regulatory requirements, apart from environmental and local community needs.Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally for accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations, and society.The system by which companies are directed and controlled; boards of directors are responsible for governance of companies. An Indian and International Position Review:Best practices in the field of corporate governance may broadly be grouped under four categories: those relating to corporate boards and directors, those concerning operational management and control, those dealing with credibility and transparency of reporting, and those bearing upon shareholder democracy and minority protection. The current position as recommended by industry bodies, mandated by regulators, and legislated by existing law is reviewed in this part, suitably drawing upon international experience where appropriate, pointing to potential areas for further improvement.