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Corporate Governance is now seen as an essential building block of Stable Economies , It helps to protect the rights and interests of shareholders and , increasingly , those of other stakeholders, Providing a framework for effective monitoring of management actions and performance and for encouraging better business result . The Challenge for SMEs is that established corporate governance frameworks have been developed with large , Listed companies primarily in mind . such frameworks and codes may not reflect the characteristics of the SME, Where owners may often be its managers as well, or where company ownership may be shared across family members.

The Existence of some universally approved standard model of corporate governance for SMEs, and the source of guidance to which SMEs and their advisers can turn.