Rethinking the fundamentals of corporate governance : the relevance of culture in the global age

Corporate governance is not a new phenomenon, yet it has gained attention in the last two decades in the wake of major corporate collapses in many parts of the world, especially in the United States, the United Kingdom and Australia. Consequently, renewed interest by both governmental and non-governmental agencies in many countries has been coming up with new recommendations, codes and laws. International organisations have also contributed, with the drafting of international best practice guidelines. Other institutions in academia and NGOs have generated much discussion and research into ways to improve governance mechanisms.