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The excellence in terms of customer satisfaction, in terms of return, in terms of product and service, in terms of return to promoters and in terms of social responsibilities towards society and people cannot be achieved without practicing good corporate governance. In the age of competitive Globalization and dynamic world, business enterprises need to focus on innovative practices which will help in maximizing stake and shareholders wealth. The fundamental concern of corporate governance is to ensure that the firm's directors and mangers act ethically in the interests of the firm and its shareholders and that the mangers are held accountable to capital providers for the use of assets. The concept of corporate governance can be taken as a parallel to the quality practices under the ISO standard.