In the private sector, the fundamental values/principles can be defined as:

- Integrity: steadfast adherence to a strict moral or ethical code. Governing bodies should foster integrity in their organization through their leadership, strategy, policies, information, and culture

- Accountability: responsibility to stakeholders

- Transparency (openness): disclosure of information is seen as the basis for the confidence that needs to exist between a business and its stakeholders

- Other examples of organizational values/principles are: ethical and responsible decision making, due care, truth and trust

Source; IFA (Evaluating and Improving Governance in Organizations, 2009, p. 20)