Corporate governance is normally poorly defined because it potentially covers a large number of distinct economic phenomenons. Corporate governance is best defined as a given collection of processes, customs, policies etc which affects the way a corporation is heading, or being administered or controlled. Corporate governance also embraces the relationships between the many players interested and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors. Others include employees, suppliers, banks, lenders, regulators, and the community at large. The core elements of corporate governance are finances, human resources and strategic planning etc.