African Union CHAPTER 5 5. CORPORATE GOVERNANCE Definition Corporate Governance means „leadership, sustainability and corporate citizenship‟. The definition of corporate governance in Africa has evolved from the narrow definition of „a system by which companies are directed and held to account, to one that defines corporate governance as leadership, sustainability and good corporate citizenship (King III September 2009). Despite the use of the word corporate, more and more countries are applying corporate governance principles to all entities regardless of the manner and form of establishment and whether they are in the public, private and not-for-profit sectors. There are five objectives for corporate governance under the APRM, and they are the following: Promoting an Enabling Environment and Effective Regulatory Framework for Business organisations and other entities Ensuring Effective Leadership and Accountability of Organisations Ensuring Ethical Conduct Within Organisations Ensuring that Organisations Treat Stakeholders Fairly and Equitably Ensuring that Organizations Act as Good Corporate Citizens 43