The document discusses corporate governance and defines key concepts. It provides: 1) A definition of corporate governance as the application of best management practices, compliance with law, and adherence to ethical standards for effective management and wealth distribution. 2) It explains corporate governance determines the direction and performance of a corporation through managing relationships between shareholders, managers, directors, employees, customers, creditors, suppliers, and community. 3) It lists principles of corporate governance including discharge of social responsibility, application of best management practices, and compliance with law and ethical standards.