Post Enron scandal, Europe was hit by the Parmalat scandal. Parmalat failed as the auditors failed to notice the fraud. Forged documents, which were submitted showed cash holdings in a subsidiary, which did not exist. Further, same person held the charge of both Chairman and Chief Executive. An investigation revealed that many employees knew about this but no one came forward. Satyam episode in India was no way different. In this backdrop, identify the key focus areas of Corporate Governance which could have perhaps averted such financial failures and scandals. Discuss this statement and highlight the liability of the Board of Directors on failure of Corporate Governance. What are the elements of Good Corporate Governance?