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Corporate Governance refers to the system of rules, practices and processes by which a corporation is directed and controlled. It involves balancing the interests of a company's many stakeholders, including shareholders, management, customers, suppliers, financiers, government and the community. Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board of directors, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it provides the foundation for accountability, fairness, and transparency in a company's relationship with all its stakeholders.