The term $$corporate governance$$ covers the spectrum of laws, control systems and ethical codes that govern $$ or are intended to govern $$ the behaviour of corporations. The term also refers to the governance$-$related body of knowledge and best practices that are, increasingly, expected not only from large companies, but also from state$-$owned enterprises, municipalities, non$-$profit organisations, retirement funds, and small to medium enterprises $($IoDSA$,2016).$

Debate the case of external governance versus internal governance with reference to the Steinhoff debacle.