In August 2011, the Corporate Governance Framework (CGF) for Public Bodies was approved by the Cabinet and tabled in Parliament via Ministry Paper #78 on October 4, 2011. With the change in Administration following the November 2011 general election, a sub-committee of the new Cabinet was appointed to review the Corporate Governance Framework.  This review culminated in a Revised CGF being approved by the Cabinet in November 2012 and tabled in Parliament later that month. 

The purpose of the Corporate Governance Framework  is to clarify the governance framework within which Public Bodies are required to operate, taking into account lessons learnt from the implementation of the Public Bodies Management and Accountability (PBMA) Act  and government’s perception of successful implementation of corporate governance models in other jurisdictions.