Why bother with Governance?

The Institute of Directors in NZ (IoD) publish a type of user guide or handbook for NZ directors titled "The four pillars of governance best practice for NZ directors".  It's full of content.  It has some attention-grabbing one-liners.

The opening overview of the handbook sets the tone with a declaration,  "The IoD believes that a preoccupation with creating and adding value must underpin all governance practice."

Are they stating the obvious?

Yes, but some commentators do miss the point.  I have heard many presenters preach the virtue of good governance without enough emphasis on the WHY question.  Why bother with governance?  Where is the payback?  Show me the money!

So it was refreshing to read the point well made by IoD in the opening pages of 4 Pillars..........

"Good governance [by directors] must be linked to creating and adding value" otherwise why bother?