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Hello, everyone.

“The past year in Japan has been wretched. An earthquake and tsunami in March wrecked factories and disrupted supply chains,creating shortages of all sorts of crucial components. Radiation fears hurt exports. A strong yen walloped profits. Floods in Thailand interrupted the distribution of electronics and car parts. Corporate-governance scandals cast a black cloud over blue suits

What’s the meaning of “Corporate-governance” here. Thank you in advance.
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    Senior Member
    American English
    I'll let tell you: Corporate Governance: The framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with its all stakeholders (financiers, customers, management, employees, government, and the community).

    The corporate governance framework consists of (1) explicit and implicit contracts between the company and the stakeholders for distribution of responsibilities, rights, and rewards, (2) procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges, and roles, and (3) procedures for proper supervision, control, and information-flows to serve as a system of checks-and-balances. Also called corporation governance.
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