Part AI Recent corporate collapses have given rise to major contemporary issues in corporate governance, fueled by the roles and responsibilities of the board of directors and directors. Corporate governance is not just a means of compiling rules and procedures, but the way the company conducts business, who are these rules and procedures aimed at? It is not possible to have good corporate governance without adopting inappropriate practices in terms of business relationships. Corporate governance is about how you embed your values ​​and principles into every aspect of doing business. The ASX Corporate Governance Council (2003, p.3) guidelines on “Principles of Good Corporate Governance and Best Practice Recommendations”, define corporate governance as “The system by which companies are directed and managed. It influences the how the company's objectives are set and achieved, how risk is monitored and assessed, and how performance is optimized. Companies have placed importance on adding independent directors with diverse profiles to their boards management The role of the board of directors and directors has come under scrutiny in recent times due to major corporate failures such as HIH (Australia), Enron, Worldcom, Parmalat Traditionally, directors were responsible for increasing shareholder wealth However, it is now expected to be the director's responsibility to include other stakeholders and social and environmental issues to consider when making their decisions. The findings indicate that it is now more difficult to be a director due to the increased level of workforce compared to legal and regulatory requirements. This also negatively affected the ratings of directors and the board. The other big concern is that the personal experiences of the directors were not necessary… in the middle of the paper… there is an issue between them. It is difficult to strictly follow corporate governance regimes as purely mandatory or purely voluntary as most of the regimes exhibit characteristics of both, so we can say that corporate governance should fall in between. Voluntary incorporation self-regulation systems can be implemented in some areas that are unlikely to achieve the desired compliance. Due to corporate collapses around the world it has been recognized that self-regulation is not enough but statutory regulations are needed. Likewise, Enron and the HIH and Enron Royal Commission revealed the inefficiency of the system of voluntary self-regulation not to mention regulatory failures. To avoid future failures in Australia it is essential to impose new corporate governance which should give rise to a “hybrid system” of corporate governance regulation. (Zadkovic, 2007)