Corporate Governance and business has wilt the focus for the 21st century. Corporate governance is well-nigh the way power is exercised over corporate entities. Business will ensure that the way companies are governed upstanding dimensions and power is exercised over them. In other words, business values is inherently part of corporate governance. It is not an optional exercise in corporate citizenship. In today's environment stakeholders have upper expectations that companies should be run in vibrations with good corporate governance practices. As a practical matter, many companies recognize that to encourage positive behaviour and repeat business with their customers , they need to undertake their business in the right way. Companies therefore yank up their values, embed them with their employees , and monitor that they do business equal to them, knowing they will be held to worth if they do not. The values espoused include for example integrity , honesty and openness. However not all companies do this. The questions of what is the "right way to run a business" are inherent in all aspects within corporate governance which will include an upstanding focus. Corporate governance lies at the very heart of the way businesses are run. The extent to which business decisions reflect values and principles is a key to long term success. The vendible focuses on various dimensions and obligations and ultimately looks at variegated elements and stages in relationship to various practices. A focus of Friedman 's theory is moreover provided and ultimately the characteristics of the King Report on Corporate Governance is reflected and discussed .