These principles are reflected in the corporate governance codes adopted in many countries around the world, including in the MENA region. A corporate governance code is a set of non-mandatory guidelines that companies are encouraged to follow. Notably, in some MENA countries, multiple corporate governance codes exist. In fact, some MENA countries have a code that is solely directed to small and medium enterprises, as is the case in the United Arab Emirates, Morocco, and Lebanon. Do international corporate governance standards apply to emerging markets?