Corporate affect and are affected by public life, as their performance can affect jobs, incomes, savings, pensions, living standards, and other matters in the lives of individuals and institutions in society. Accordingly, corporate must be accountable for their commitment in the broader framework of the welfare and progress of society.
Because of the fundamental importance of corporate governance in the progress of economies and societies, a number of developed and emerging countries have been interested in establishing the rules and good applications for them to stabilize the markets with those economies.
Therefore, corporate governance works on efficient use of resources, maximizing the value of the company, and strengthening its competitive opportunity in the markets, so that it can attract local and global financing sources for expansion and growth, making it able to create new job opportunities while ensuring the stability of financial markets and banking systems, which leads to achieving efficiency and the economic development required.
The importance of corporate governance lies in achieving economic development and avoiding falling into the breach of financial crises, by establishing a number of performance standards in order to support the economic foundations in the markets and uncover cases of fraud, corruption and mismanagement, which leads to gaining the confidence of dealers in these markets and work to stabilize them and reduce severe fluctuations by it to achieve the desired economic progress.
Here it can be said that corporate governance is concerned with finding and organizing proper applications and practices for those in charge of the company's management in a manner that preserves the rights of shareholders, bondholders, company employees, Stakeholders, and others through investigating the implementation of contractual relationship formulas that link them and using right financial and accounting tools according to the standards of disclosure and transparency
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