Corporate governance has been a dominant policy issue in developed market economies for more than two decade, particularly in continental Europe. Recent experiences and developments have rekindled the clamour for good corporate governance standards and practices. The increased prominence is due to the major scandals and corporate debacles in the United States, italy and lately, Nigeria. In the United States, the scandals that rocked the corporate community in 2001-2002 led to an enormous loss of public confidence in the capital market. It has taken several years for confidence to be regained, and many skeptics remain convinced that corporate managment can never be trusted.
Without such confidence and trust, capital investments will not be made, or will be limited to only the safest circumstances, depriving start-up and other companies of much needed capital.
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