Governance is very fundamental in any organization and involves determining the distribution of decisions made and making responsibilities. Organization managers and leaders are not always supposed to perform all the duties but they can discharge some duties to employees as a way of improving their performances (Lainhart, 2000). Corporate governance is defined as a process used by an organization or institution in governing with the aims of achieving the set goals and objectives and solving conflicts of interest between various stakeholders. This implies that, governance is principally a function of the board that helps in the management of the affairs of an organization, centred on oversight of management functioning, and ensures legal, regulatory, and ethical compliance. However, the philosophy of corporate governance has been different in different regions (Mueller & Phillipson, 2007). For instance, in the United States the model is mostly centred on the interests of shareholders as well as compulsory disclosures. The European and Japanese model of corporate governance is centred on the interests of employees, suppliers, managers, and the general community while in India the philosophy is centred on the inalienable rights of the shareholders. These different definitions of corporate governance have one thing in common; corporate governance is a function to protect the rights of stakeholders in an organization (Ingraham & Lynn, 2004). Nonetheless, the notion of corporate governance has undergone significant changes over time to include ethical conducts of a business as well as making a distinction between corporate and personal funds in the management of an organization. Rather than sticking on the compliance of the law and rules, corporate governance includes ethical considerations made by an organization towards its conducts (Warkentin & Vaughn, 2006).