The fundamental relationship in corporate governance is between the board and the members of the enterprise (whether they are shareholders, or members of a cooperative society, a club, or a trade union). The scope of corporate governance also embraces relationships between the enterprise and its contractual stakeholders (employees, customers, suppliers of goods and services, and others on whom the enterprise relies), financial stakeholders (including banks, creditors, and others providing finance), non-contractual stakeholders (including the local community and others affected by the enterprise, and competitors), and the external auditors and corporate regulators.