Abstract

Corporate governance has become one of the burning topics of our times. With the emergence of new markets, corporations are engaged in cutthroat competition in their quest for raw materials and natural resources for economic growth. Many of these natural resources are scarce, not renewable and depleted. The livelihood of humans and animals is in danger. Some species are on the brink of extinction; the ecological crisis is a reality. One of the main reasons for this scandal and catastrophe is the frantic race for profit. Corporations are under tremendous pressure to prioritise shareholders' values at the expense of other stakeholders' interests. Greedness and unethical behaviour are parts of corporate governance scandals that led to the financial crisis of 2008, global poverty, terrorism, etc. All these issues are real existential threats to present and future generations. Thus, strict regulation of corporate governance is essential for ethical reasons. Sustainable business and sustainable development are cruc