ABSTRACT
13.1 Good governance is an increasingly prevalent theme in contemporary finance and development. Although the term has not been clearly defined in law, a working definition is that it embodies “the system by which an organisation pursues the over-riding purpose for which it was established, and avoids pursuing other purposes”. 1 Although not measured easily, good governance is nonetheless fundamental to economic development, to development of democracy and the rule of law and to the transition process of formerly centrally planned economies. 1a Combating corruption is a central aspect of governance.
