Corporate governance is a framework of rules and regulations that governs the leadership, organization, and management of a company. In addition to compliance with laws, rules, and regulations, corporate governance may include compliance with the company’s corporate charter, bylaws, formal policies, customs, and internal processes. The company’s board of directors often directs its corporate governance over a broad range of functions, including financial reporting and disclosures, securities laws, risk management, operating plans and budgets, strategic planning, succession planning, crises management, internal controls, internal audits, preventing foreign corrupt business practices, and executive compensation.

In Maine, corporate governance is primarily governed by the Maine Business Corporation Act, which outlines the duties and responsibilities of corporate directors and officers, as well as the rights of shareholders. The Act provides the framework for the establishment and operation of corporations within the state, including provisions for corporate charters, bylaws, and the conduct of board meetings and shareholder meetings. Companies must also adhere to federal laws, such as the Sarbanes-Oxley Act for financial reporting and disclosures, and the Dodd-Frank Act for financial reforms and consumer protection. Additionally, corporations may be subject to the rules of the Securities and Exchange Commission (SEC) if they issue securities. Corporate governance in Maine also encompasses adherence to a company's own charter, bylaws, and internal policies, which may cover areas like risk management, strategic planning, and executive compensation. The board of directors is typically charged with overseeing these governance aspects to ensure compliance and to promote the long-term interests of the shareholders.