Corporate governance is an area that deals with relationships within management structures, as well as corporation relationships with all relevant stakeholders. Over the years, it has moved from a purely profit-oriented model to a model in which the centre of interest is the responsibility at all managerial levels towards interest-influential groups as a whole. Corporate social responsibility is a characteristic of the modern way of doing business, and is explained as a system of management and control of the organization, respecting the principles and best practices in the field of corporate governance. It seeks to find a way to structure the distribution of power and responsibility among shareholders, directors and management. In corporate governance, we distinguish between internal and external governance mechanisms, and in the governance model, an open, closed, and Japanese model. Since corporate governance is a complex system, we distinguish three theoretical frameworks for understanding its problems: Agency theory, Service theory and Resource dependence theory. As an example of successful corporate governance in this paper, two large hotel companies were analyzed: Valamar d.d. and Maistra d.d.