Corporate Governance: Understanding the Concept and the role of Stakeholders

Abstract

Corporate governance is a pivotal topic of widespread interest to institutions and organizations at the regional and international levels, given its vital role in guiding organizations toward achieving their primary objectives. Understanding the theoretical framework of governance concepts is an important starting point for stakeholders. However, this understanding remains insufficient unless it is translated into practical practices that align with the real challenges facing organizations. These challenges often include financial risk management, promoting ethical behavior, and implementing governance principles, particularly disclosure and transparency. This contributes to enhancing implementation effectiveness and achieving outstanding corporate performance. This research paper aims to clarify the concept of corporate governance and identify the various stakeholders involved. Contemporary organizations are expected to balance their economic objectives on the one hand, and environmental and societal requirements on the other, as a prerequisite for their sustainability. This balance can only be achieved by gaining the trust of stakeholders by recognizing their role, ensuring their protection, and involving them in decision-making that affects their interests. These stakeholders represent a strategic resource that contributes to enhancing an organization's competitiveness and supporting its ability to create sustainable value in the long term. Keywords: , ,