Competitive business environment has redefined business rules. With their ever-expanding size and scope, corporates have been struggling to reconcile conflicting objectives of its various stakeholders. Agency problem, as in the past, has compelled both the regulator and legislatures to search for effective ways to ensure that the corporates are run in an efficient, transparent, accountable and fair manner. In this travail, good corporate governance (CG) has become the new mantra. Begun as a check against corporate scandals and frauds, it has assumed manifold roles today. It is in this context, the present paper traces the evolution of corporate governance along with identifying its roles.