Corporate governance and its potential implementation in Egypt in light of international experiences

Abstract

Governance has appeared similarly to other terms such as privatization and globalization. The corporate governance
concept has had a great importance due to the financial declines and economic crises which several states have
witnessed in the money markets and corporations located in a number of states in East Asia, Latin America and
Russia during the 1990s of the twentieth century. Furthermore, the US economy has lately witnessed financial and
accounting declines and the world financial crisis of 2008 - 2009 whose one of its most important reasons is related to
the lack of transparency and disclosure of the financial and accounting data of a number of corporations and
economic units of the money markets. Definitions of corporate governance are varied according to the different
adopted viewpoints related to the research scope. Governance can be defined as the corporations’ rational
governance through a group of laws, rules and bases that guarantee transparency and law enforcement. This Paper
aims to identify the various concepts of governance and state the motives behind adopting this new trend while
clarifying the main features and objectives of governance, the fundamentals upon which governance is based and the
internal and external determinants the control the performance of governance. The study aims as well to review the
most important criteria and different principles of governance in light of the institutional framework that organizes its
work nature, the international endeavors to activate it and the information and statistics’ role in the sound
implementation of governance. The study aims also to identify the status quo of the corporate governance in Egypt in
light of a group of international indicators concerned with good governance with reference to the Egyptian banking
system’s experience in this regard and the possibility of getting benefited from the international experiences and
experiments in the field of governance to ensure its successful implementation. The Paper relies on the descriptive
method and depends on theoretical library researches and the literature review in this field. Finally, the study
introduces its concluded results and recommendations.
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