Governance gaps often stem from weak institutions, limited regulatory enforcement, and lack of capacity among boards and executives. Many organizations, especially SMEs and nonprofits, struggle with defining clear governance roles, establishing transparency, and managing risks effectively.
Nonetheless, there is growing momentum for reform. The shift towards environmental, social, and governance (ESG) frameworks, digital governance tools, and inclusive decision-making is creating new opportunities. Enhanced stakeholder expectations are also pushing for greater board accountability and ethical leadership.