If there are no adequate internal controls, stakeholders related to the company are likely to undermine good governance because there are no structures in place to prevent them or punish those responsible for misconduct. According to Solomon (2007), internal control in corporate governance implies the presence of a performance evaluation system, a risk identification and estimation system, management oversight, control measures and segregation of tasks (p. 161). However, while internal control promotes acceptable practices, the burden remains on the individual responsible for following those practices. Stewardship theory supports this notion by arguing that managers have a moral and ethical obligation to act transparently and responsibly as stewards of the resources they manage (Fernando 2009, p. 49). This reflects on the character of the individuals elected to the Board of Directors. It might seem sneaky, but BOD members control the most important decisions and may be susceptible to abusing it. For example, when an individual's major ownership exceeds a certain threshold, this can cause the problem of tunneling and inefficiency. It is also reflected on the shareholders who elect them, thus disclosing the perspective, attitude and general approach of all internal staff