Globally firms strictly review and apply corporate rules, and yet corporate scandals are on the increase. In a paradigm-shift, this book intends to discern beyond the rules by investigating how informal behavioral board process factors, and a combination of key contractual stakeholders (such as firm employees, external creditors and regulatory agencies)can constitute effective corporate governance for Nigerian emerging market by participating in making top board decisions. In the agency framework, rule-based board factors dominate, while the principle-based that form the informal behavioral system are a relatively untested area despite the continuous call by scholars. The blind leading the blind characterize present research about boards, hence scholars need to go beyond establishing and protecting their own fortresses of research subject to empirical dogmatism (Daily et al., 2003). Therefore, in the study structure of this book, board process factors, employees and creditor participation are significantly related to board performance. This debate will follow other preceding arguments that portray a delusion of the superiority of equity shareholder as the ultimate board role.