Which of the Following Statements Is False

Which of the following statements is false?

A) It is important to keep in mind that good governance is value enhancing and so, in principle, is something investors in the firm should strive for.
B) Corporate governance is a system of checks and balances that trades off costs and benefits.
C) Because good governance is based upon a basic set of principles, like those detailed in the Cadbury Commission's findings, one should expect all firms to display similar governance structures.
D) The costs and benefits of a corporate governance system also depend on cultural norms.