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The research study was an investigation of corporate governance practices within the paint manufacturing industry. The study focused on Absolute Paints Private Limited over the period January 2010 to July 2012. Quite a number of firms collapsed or suffered serious operational challenges due to dearth of or no internal controls and risk management systems in place. The study aimed to prove or disprove the proposition that Absolute Paints Private limited does not have good Corporate Governance systems. To appreciate the key concepts of corporate governance the researcher reviewed literature on corporate governance from work by Sir Adrian Cadbury, the Sarbanes Oxley Act of the USA, Combined Code principles from UK, the Cromme Code from the Republic of Germany, King reports from Republic of South Africa and RBZ report on corporate governance. A qualitative and quantitative research design was used and data collection was done using a self-administered questionnaire as the research instrument. Non-probability sampling technique was used to select the respondents that participated in the study.