Good Corporate Governance: Observations and Recommendations for the MENA Zone

Embodying good corporate governance is now both a concern and an ambition for the different countries to ensure an effective protection of the shareholders, the financial investors and also the different partners of the firm (employees, customers, suppliers). However, as suggested by Cannac and Godet (2001), having a good system of corporate governance would end up by developing and complying with the regulations that are designed to make sure, as far as possible, that the actions of the company’s leaders are in accordance with the will of the shareholders and their interests. This governance may lead, according to Godet (2001), to a set of mechanisms to ensure that the objectives pursued by the leaders are "legitimate and the means implemented to achieve these objectives are powerful or efficient, which means that they better contribute to the objectives at the least cost. " Nowadays, the concept of corporate governance has evolved into a theoretical framework that has reached a certain degree of stability through two basic approaches: the first is a shareholding approach which focuses on the relationship between the managers and the shareholders, and the second is a partnership approach that integrates all the stakeholders in the relationship with the leaders. If several authors are concerned about corporate governance at