Abstract
The 20th century was viewed as the age of management; the early 21st century is predicted to be more focused on governance. There is a distinction between politics and governance, where the former is regarded as cooperation between people with different points of view in order to improve the situation in the country and bring profit to it and the latter is more concentrated on administration and orientating a process of ruling. But on second thoughts we still can speak both about corporate governance and political governance. According to James McRitchie corporate governance is "most often viewed as both the structure and the relationships which determine corporate direction and performance." The board of directors is typically central to corporate governance. Its relationship to the other primary participants, typically shareholders and management, is critical. Additional participants include employees, customers, suppliers, and creditors. The corporate governance framework also depends on the legal, regulatory, institutional and ethical environment of the community.
