Analysis of IT Governance on Spanish Organizations - Enterprise Information Systems Design, Implementation and Management: Organizational Applications - page 440

Figure 1. Traditional model of corporate governance

Figure 2. Stakeholder model of corporate governance

depicted on Figure 1. This is the called traditional
scheme of corporate governance (AECA 2007).
The evolution of this agenda issue is clear,
when the concern about the relationship with
the stakeholders has increased on the last years,
and then is not only for the board and executive
management to handle the relationship with
shareholders, but also with providers, clients, and
even the society itself

Corporate governance (Figure 2) has gone
through different stages, from defining a frame-
work to implement specific controls (COSO 1992;
COSO 2004), to the definition of code of conducts
such as the Cadbury Report (Cadbury 1992) and
the Turnbull Report (Turnbull 1998). Moreover, in
some countries, and taking into account scandals
such as Enron and Worldcom, a specific legislation
has been developed to identify and establish legal
responsibilities for those managers and directors