Overview
In most developing countries, serious gaps exist between the principles of corporate governance and their on-the-ground implementation. Moving from talk to action can be a daunting challenge. This is the case not only because corporate governance reform has to address those gaps, but also because it is intertwined with larger governance reforms necessary to instill transparency, accountability, responsibility, and fairness in a country’s political and economic system. The cornerstone of successful corporate governance reform efforts lies in engaging the business community in the process. Traditionally, the need for better corporate governance has been something associated just with large companies. Yet enterprises of all sizes and forms, including family-owned firms, must improve their governance in order to be effective and sustainable.