If companies are governed properly and the interests of all stakeholders are taken care of, a healthy corporate culture could be built. There exist very few research on this field in Mauritius but yet is a concern. At the heart is the agency theory which according to Jensen, if agency costs are reduced, the firm performs better and increases firm value. The theory specifically emphasises on board independence and CEO duality. Furthermore, various theories about corporate governance were developed but its effect on firm performance is not quite measurable. The purpose of the present study is twofold. First we have to produce quantitative information about the present corporate governance system in Mauritius and critically analyse it. Second, we have to investigate whether there is any relationship between features of corporate governance and performance of listed firms in the Official Market of The Stock Exchange of Mauritius, and as such whether the agency problems is minimised in Mauritius. A sample of 39 firms were analysed for the period 2007-2011. The ‘Ownership Structure’, ‘Ownership Concentration’, ‘Board Independence’, ‘Board Size’, ‘Independent Audit Committee’, ‘CEO duality’ and ‘Corporate Social Responsibility’ were considered as core principles of corporate governance. Debt ratio was used to measure leverage and the latter proved to have significant relationship with corporate governance. Performance was measured by Return on Asset, Tobin’s Q and Altman Z-score. Various statistical models, including correlation, OLS multiple regression, fixed and random effect model were used coupled with appropriate tests. While most studies used a bivariate analysis, the study employed a multivariate analysis. Some findings were consistent while some have opposite views. The study answers some of past study questions like: what impact has corporate governance created? (Implementation and Impact of Corporate Governance in Mauritius by Mahadeo, J D and Soobaroyen, T ). Results indicate that the direction and the extent of impact of governance are dependent on the performance measure being examined. Specifically, the findings show that board equity, board size and size of the company affects performance.