Corporate governance practices constantly evolve to meet changing conditions. As a work-in-progress, there is no single universal model of corporate governance. Also, something worth noting is that the structure in corporate governance varies from corporation to corporation. Therefore, experimentation and variety should be expected and encouraged. In addition, corporate governance tends to vary as a function of ownership, business circumstance, competitive conditions, corporate life cycle and numerous other factors. (Millstein et al, 1998)
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