Governance as a Bridge to Sustainability

Abstract

Governance has evolved to be an extremely critical notion for the developed world as well as for the developing countries. For the developing world, novel concepts required for good governance practice may not be easily understood or widely practiced by the stakeholders of private or public corporations. Good governance is needed for numerous institutions both public and private. For public entities, good governance results in scientifically motivated policy development, an increase in accountability and transparency and finally the involvement of all stakeholders in the decision-making process. For non-governmental organizations, governance results in better allocation of resources, finding new opportunities for collaboration, and better cooperation with governmental bodies. For the private sector, governance increases the reliability of the organizations and contributes to sustainability, and a climate of trust to be established among the stakeholders. This chapter will include an extant review of the literature on how good governance and sustainable value creation come hand in hand.