This structure allows space for struggles of power between two key players – managers and shareholders ( Grant, 2003 ). The importance of CG lies in its role of crafting/continuously refining the laws, regulation and contracts that govern companies’ operations, and ensuring that shareholder rights are safeguarded, stakeholder and manager interests are reconciled and that a transparent environment is maintained, wherein each party is able to assume its responsibilities and contribute to the corporation’s growth and value creation (Page, 2005).