Corporate governance gained immense importance subsequent to the Asian financial crisis in mid-1997. Companies that used existing resources in an inefficient way and did not conform to international corporate management standards helped magnify the effects of the crisis in those countries. Corporate transparency and accountability are so critical for overall economic performance that they have begun to be the accepted norm throughout the world since the Asian crisis. The recent spate of US corporate failures and breakdowns in truthful accounting has undermined people's faith in financial reporting, corporate leadership, and the integrity of markets the world over. …
