Corporate governance refers to the system by which a company is directed and controlled. It involves balancing the interests of various stakeholders, including shareholders, directors, management, employees, suppliers, customers, and the community at large. Good corporate governance helps ensure that companies are managed in an ethical, transparent, and accountable manner, with a view to maximizing long-term value for all stakeholders. It includes practices such as board diversity, disclosure of information, shareholder rights, and risk management.