Good corporate governance practice is a major yardstick for standardizing business practices in the midst of a high rate of diversities and inconsistencies in global business practices. Industries are operating in a global business environment that is deeply embedded in interdependency, and is being subjected to good corporate governance requirements. In this sense, the paper examined the definitions of corporate governance, its principles and control mechanisms. It also focused on the phenomenon of globalization and links it with good corporate governance principles that can promote values in the area of code of conduct in supporting excellence and the creation of an ethical culture in the industry. The study suggested a framework for chemical industries for enhanced performance and their continuous growth and development of industries. It is concluded that globalization is a phenomenon that has assumed a new proportion in present day global political economy for which companies must equip and package themselves effectively and thoroughly to face their challenges in the 21st century. In recommendation, managers of industries must strictly follow principles/regulations of corporate governance in a global economy.
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