Corporate governance conceptually is related with ethical business. Corporate managements are required to adopt a broad vision of their duties with good governance practices. Corporate governance is a system to direct a company in the moral frame work such that it can become accountable for share holders, employees, management. It is based on complete transparency of all transactions towards all stakeholders. Management should follow the path of dynamic success to achieve corporate competence in the corporate world. An ethical approach is becoming necessary for corporate competence. Business ethics is the use of general ethical ideas which arises in business environment and applied in every aspect of business behavior. Ethical business behavior is expected by public, prevents damage to stakeholders, inappropriate profitability, making new business relations and employee productivity, reduces criminal penalties, protects business against unscrupulous employees and competitors, protects employees from harmful actions by their employer, and allows people in business to act consistently with their personal ethical beliefs. This paper complies the concept of corporate governance with some challenges as well as some opportunities.