Discuss the following statement: "Good governance is very critical in the efficient running of corporates in the modern world

Good governance is critical in the efficient running of corporates in the modern world because it helps make decisions that favor all corporate stakeholders. A corporate is a business entity that is owned by more than one individual. Thus, having good governance will help in making decisions that benefit all the stakeholders. This leads to an increase in the productivity of the firm, which increases the output and profit. With an increase in corporate profit, the stakeholders will also have increased benefits. On the other side, if the governance is poor, the stakeholders will not benefit, and it may lead to the closure of the corporate since the decisions that will be made will be inefficient.