**7. Conclusion**

An efficient, effective, and futuristic corporate governance is considered the hallmark of sound business management. Corporate governance encompasses the internal and external dynamics of controlling and directing business. A quality board supported by professionally managed board committees, well-oiled internal control machinery, transparent reporting and compliance, non-abusive compensations to key managerial personnel and CEOs, safeguard against related party transactions, and weaving the company operations with the thread of ESG could ensure a company to be corporate governance compliant. Good corporate governance is sine – qua – non for the financial stability of corporates and economies, on the one hand, and builds confidence among the investors, on the other.

As corporate governance is associated mostly with listed companies, the unlisted companies have not complied with corporate governance norms. Many countries do not mandate corporate governance codes for unlisted companies. To bring the unlisted companies under the governance framework is a bigger challenge for governments as the companies are characterized in various sectors. But some government is trying to create an effective internal and external mechanism for unlisted companies to improve the socio-economic growth of the Company. Larger companies that are unlisted are brought under the scan of the Government in terms of their ownership structures, professional management, transparency, awareness, etc. One of the major challenges countries would face making unlisted companies comply with corporate governance codes.
