Our research contributes to the emerging topic on the role of corporate governance (CG) towards corruption. Since the 1990s, the term CG has come into everyday usage in business and financial communities (Carlsson, 2001; Malin, 2010) and is becoming a global phenomenon focusing on securing shareholder value (Carlsson, 2001; Enquist et al., 2006) and stakeholder value. In parallel with this trend, transparency and discloser has also become familiar in the corporate world, and is a global phenomenon in the 21st century. The emergence of corporate governance as tool for tackling financial crises and corporate scandals has created the need for wider transparency. Existing research concentrates on corporate governance and its development, but rather neglects the gap towards assessing fundamental institutional weaknesses, and corruption in the private sector. Moreover, as Wu (2005) argues that there is a negligance of the supply side of corruption in literature and states the need for more investigation regarding the understanding of the relationship between corruption and corporate governance. Taking these factors into account, doing research on the relationship between corruption and corporate governance in a industrialised country from the aspect of the supply-side, seemed justifiable. This paper identifies the need for new governance thinking, based on stewardship and transparency and its impacts in reducing corruption. The empirical study involves five qualitative case studies of transparency and disclosure in Germany (2 cases on disclosure and reporting of multinational companies, 2 cases of transparency of non business organizations, and 1 corporate governance code). In this paper we are not arguing on the role of CG as control or reporting initiative for corruption, but its role to shun institutional weakness on reducing corruption. Accordingly, our research question can be formulated in the following way: what is the role of corporate governance in prote