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During many of the events on corporate governance that CIPE began to hold in the region, much time was spent in discussions on the proper definition of the concept. Although business leaders agreed on the English terminology, they continued debating which Arabic term properly captured its full meaning. The many different Arabic alternatives, however, did not capture the essence of corporate governance and its role, while using the term in English presented numerous problems in getting broader cultural understanding and acceptance of the concept. What became evident quickly is that for corporate governance to take root in the Arab world, it would require much more than copying international best practices - a corporate governance institution would have to be created. The first step was to create a term in the local language, the term that would spark debates on the reform process and not on the meaning of that phrase.

This is why language should be viewed as an institution because it makes communication among individuals in a society possible and, as a result, it reinforces cultural norms and values. In fact, it can be argued that institutions embodied in customs and laws make societies function only due to the existence of the medium of language. [5]

Good corporate governance is essential for setting up transparent companies that are focused on long-term value creation and can respond effectively to market pressures. Originally defined in terms of mechanisms that resolve day-to-day governance issues between owners and managers of a firm, corporate governance has expanded greatly in its application and importance, especially in emerging markets - both as a tool for developing effective companies and as a medium of reforms in a variety of economic, political, and financial areas.

Much work has been done to capture the benefits of corporate governance, of which there are many. To summarize, [6] we know that corporate governance lowers the cost of capital and enables wealth creation through expanding stock markets. Good corporate governance mechanisms ensure more transparent decision-making, and spur economic growth by signaling to investors that their money will be properly managed and used, that accountability measures are in place, and that their rights will be protected. Corporate governance has also been linked to more transparent and effective privatization processes.

Even more importantly, good corporate governance helps to build transparent relationships between businesses and governments by reducing favoritism, cronyism, and murky transactions between companies and public officials. In other words, corporate governance reinforces the core values of fairness, accountability, responsibility, and transparency that underlie both functioning market economies and democracies.

In developed economies, the primary concern of corporate governance is to make sure that publicly owned companies are run ethically and efficiently through managing the issues that arise from separation of ownership and control. This is accomplished through compliance with internationally recognized principles (such as the OECD Principles of Corporate Governance), enforcement of the existing rules, and timely and accurate disclosure of relevant information, especially regarding a company's financial condition.

However, in emerging mark