The document discusses the importance of good governance principles for sustainable development. It outlines key constituents of corporate governance like best management practices, compliance with law, and adherence to ethical standards. Good governance ensures wealth creation is distributed sustainably among stakeholders through practices like transparency, accountability, and protecting interests of suppliers, customers and employees. Companies that follow these principles have consistently achieved growth, profitability and wider benefits. Initiatives by professional bodies like ICSI are helping promote adoption of governance standards.