In its Global Investor Pinion Survey (July 2002), McKinney & company found that more than 73% of global institutional investors were willing to pay a premium for the shares of a well-governed company over one considered poorly governed but with a comparable financial record.  In emerging markets where corporate governance is perceived to be poor, investors are prepared to pay a premium as high as 30% compared to

12-14% for North America, where corporate governance is perceived not to be so poor. Consequences of poor corporate governance include loss of lifetime savings by individuals, weakening of investor confidence in the capital market, collapse of companies, and lack of long-term productivity and growth of the entire economy.Good corporate governance brings the values of democracy to the corporate level.