What are the strongest reasons for why companies whether founder / family-owned or public – should adopt corporate governance best practices?

ACC 530: Company Founder Outlines Reservations about Corporate Governance

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Questions to Focus Discussion
 What are the strongest reasons for why companies whether founder / family-owned or public – should adopt corporate governance best practices?
 What critical challenges emerge in promoting good corporate governance in your region?
 What are the obstacles? How difficult are those to address and overcome?
 How would you implement reforms to achieve adherence to good corporate governance