Corporate governance is the system by which business corporations are directed and controlled. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board, managers, shareholders, and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which company objectives are set and the means of attaining those objectives and monitoring performance.

Corporate governance is about promoting corporate fairness, transparency, and accountability. Its purpose is to prevent one group from expropriating the cash flows and assets of one or more other groups.

Good corporate governance practices:

• Board Members act in the best interests of Shareowners.
• The Company deals with all stakeholders in a lawful and ethical manner.
• All Shareowners have the same right to participate in the governance of the Company and receive fair treatment from the Board and management. All rights of Shareowners and other stakeholders are clearly delineated and communicated.
• The Board and its committees can act independently from other stakeholders such as management.
• Appropriate controls and procedures are in place covering management's activities in running the day-to-day operations of the Company.
• The Company's operating and financial activities, and its governance activities, are consistently reported to Shareowners in a fair, accurate, timely, reliable, relevant, complete, and verifiable manner.