The role of the corporate governance must have been towards protecting shareholder and stockholder interests. Legislation that defines the corporation also defines for what the stock is. Stock in a company includes the shares in an association, or it could be joint stock or it could be shares of an insurance company. The interest and right of the shareholder and the stockholder are considered to be in the context of the surplus profits that are generated after the repayment of and management of corporation or after the dissolution of its debts. The stockholder is different from the shareholder, although treated alike for the purpose of discussion. In the context of the financial crises, corporate governance could have played a great role in controlling the impact to stockholders. Alternatively, the failure of governance as was discussed earlier played a key role in breaching stockholder interests, and pushing the value of some stocks too near worthless as the banks or financial institutions approached an insolvency state. The state of insolvency or bankruptcy of an institution is one in which the debt obligations of the company cannot be met. Stock of the corporation might not be treated as stock anymore. Corporate governance involves the balancing of the interests of many stakeholders, and this includes the stockholders, along with the customers, the employees, the management etc.