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Essay from the year 2003 in the subject Business economics - Business Management, Corporate Governance, grade: A bzw. 1, ESCP Europe (European Business Environment), language: English, abstract: This essay describes the problematic of corporate governance systems, which, if they are weak, distort the efficient allocation of resources, undermine opportunities on a level playing field and, ultimately, hinder investment and economic development. Recent high profile scandals, financial crises and institutional failures in Russia, Asia and the United States have brought corporate governance issues to the fore in modern western, as well as developing countries, transitional economies, and emerging markets. Firstly, I will give a definition of corporate governance and introduce the OECD Principles, which are the foundation of all corporate governance systems. Secondly, I discuss the driving forces and the importance of corporate governance. I will then concentrate on national differences and recent developments, where I am particularly looking at the UK and Germany. A special chapter about the Anglo-American influence follows and leads to the last chapter, which covers the current situation and possible future effects of applied corporate governance systems in developing and transitional countries. The purpose of this paper is not to go deep into legal details of corporate governance, but reveal its importance for society (stakeholder), economy (corporations and capital markets) and future development of emerging market economies.