Unfortunately, Business Academics and Organizational behavior/practices are unlike to each other. We always learn from the embalmed corpses like the classical "Enron Corporation" which was de-functioned in 2001, since then Enron become symbol of willful fraud and corruption. When you visit Enron's website you will see this highlighted message:

"Enron Creditors Recovery Corp.'s sole mission is to reorganize and liquidate the remaining operations and assets of Enron following one of the largest and most complex bankruptcies in U.S. history".

Now something for corporate governance rhymers:

1. A business school that prepares students to full fill the needs of top notch corporates/firms/companies. And after a lengthy selection procedure, students found themselves in the middle of nothing! Which means, they are neither in a position of achieving their university's day-dreaming goals nor actually utilizing their academic skills which is the prerequisite of jobs in the organization, as a result heads down! But they are doing something else and getting something which is very interesting that "feeds their stomachs".

Isn't corporate Governance a conflict? By the way, you will be surprised to see indefinite sets of "Corporate Governance" definitions (another conflict). Let us read three from its pond:

"Code of behaviour that defines guidelines for the transparent management and control of companies. It creates transparency, strengthens confidence in the company management and in particular serves the protection of the shareholders".

www.ir.airberlin.com/glossar.php

"Describes how companies are run and managed. The relationship between the different company organs (AGM, board and CEO) is at the heart of corporate governance".

www.ap3.se/sites/english/aboutus/Pages/Glossary.aspx

"Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, the board of directors, employees, customers, creditors, suppliers, and the community at large".

http://en.wikipedia.org/wiki/Corporate_governance

This shows if every Tom, Dick and Harry can give their Corporate Governance definitions then I can also put forward my definition of Corporate Governance which is:

"Set of learned actions which are deemed to fulfill organization's and its relations purpose of existence." [Emad Sohail]

2. Reconciliation! Yes, without a hint of a doubt corporate governance is a landscape in which inner and outer vision of organizations are reconciled. There is a need to develop a single corporate governance model which can ease the confusion amongst various corporates. Also Business schools and organizations must come forward and bridge those gaps.

Otherwise it will remain Corporate Government NOT Corporate Governance!