Corporate governance refers to formal and informal structures and processes that exist for oversight roles and responsibilities in organisations and institutions. Until the 1990s, the term ‘corporate governance’ was rarely uttered outside of law school texts and the academic world. Since the 1990s, there have been reforms in governance, but these have not been generally referred to as innovations, which is what they are. The general public hardly questioned the rules and behaviour governing organisations and institutions. The corporate scandals of the 1990s changed this complacency and corporate governance issues have come under increased scrutiny. The central challenge in corporate governance is how to make leaders accountable to their stakeholders while still having the freedom, incentives and control over resources to achieve the goals. Good corporate governance practices encourage institutions to create value whilst ensuring accountability using control systems commensurate with the risks involved.