Corporate Governance has become increasingly critical issue for both developed and developing countries in a world of change in particular over the previous decade. With the emergence of Enron corporate collapse in the USA and well-known corporate scandal of Parmalat that emerged in Italy became starting point of Corporate Governance phenomenon. After emerging such cases governments took further steps both at state and firm level in response to challenges deriving from scandals. Besides, to overcome issues and to provide investor confidence again in financial markets necessary regulations...