On the other hand corporate governance refers to the set of principles, systems and processes to which a company should adhere to and is governed. Corporate Governance can be defined as “the design of institutions that induce or force management to internalize the welfare of shareholders.” [Tirole, 2001, p.4] CG is based on certain underlying principles such as corporate ethics, accountability, disclosure and reporting followed on a wide spectrum of corporate practices. In order to meet the needs of various stakeholders, in this era of globalization, it has been observed that numerous companies are adopting the CSR practices by incorporating the notion of corporate governance as a vehicle of pushing the management to consider broader ethical considerations.