The world is not lacking highly intelligent executives, managers, and leaders including board members. In fact if not all most of these leaders have graduated from established or renowned schools/universities. However, more and more established agencies/corporations have collapsed due to the unethical behavior of "intellectual groups". Cases like Enron, Worldcom, Satyam, Baring Bank, Waste Management, Lehman Brothers, and Tycowill remain one of the greatest corporate scandals ever recorded in our history. When these organizations collapsed, it costs billions! How about in Asia and Malaysia? In fact, our country has suffered from "reputational damage" due to issues surrounding IMDB even though the case is still pending. Discuss the imperative of effective corporate governance and how to establish it with relevant examples.