CEO duality: The CEO and Chairman of the Board roles are assumed by the same person.
Corporate governance: In the purpose of this thesis, following definition from the various
different definitions is used: Corporate Governance is the process and structure used to direct
and control the business and affairs of the corporation with the objective of maximizing
stakeholder value, which includes ensuring the financial viability of the business. “The
process and structure define the division of power and establish mechanisms for achieving
accountability among shareholders, the board of directors and management. The direction and
control of the business should take into account the impact on other stakeholders, such as
employees, customers, suppliers and communities”. (Dey Report, 2.1)