This statement I agree with as CEOs have used governance to rationalize giving themselves exceptionally large raises without accountability and governance in place. Conversely the statement "Furthermore, markets or organisational hierarchies are assumed to provide genuine alternative optimal or appropriate governance structures" in the context of the discussion at this point in the paper is inaccurate. Organisations in fact produce governance structures that are highly inefficient and lack the necessary framework and foundation to accomplish these goals. Instead there is the need for continually turning trust into an accelerator and engraining governance into companies, not legislating it from the outside. This is the fatal error of the statement shown. Critical Analysis

This is a well-researched peer review article that has the potential to deliver entirely new governance frameworks with additional effort on the part of the authors. Rather than just cataloging these governance frameworks, the authors need to also create entirely new governance frameworks as well. What is also a major omission from this paper is the lack of focus on how to engrain or integrate governance into the culture of organisations.

Applying this Article to UAE

The many applications of governance within the UAE need to begin with the Ministry of Finance to determine auditing and compliance requirements...

These also need to have greater depth than the Sarbanes-Oxley Act of 2002 in the U.S. And also the role of corporate governance in the broader context 5 that can align with the specific laws of the UAE. Lastly the application of this article to the UAE needs to move from being focused purely on governance existing practices to defining a more scalable governance model that takes into account the use of a Stakeholder Model with a high level of authenticity and governance ownership.
Lessons Learned

There are many lessons learned throughout this paper, from the progression of governance models to the critical assessment of CEO pay using specific shareholder perspectives model. The authors rightly call out how unethical this practice is as well. The concept of how trust equals speed and how unitary hierarchical relationships need to continually be strengthened to continually add value and insight to the application of these theories over the long-term.