The current thesis explores the relationship between corporate governance and business ethics in Saudi-listed banks using an accountability framework and by examining the perceptions of key stakeholder groups. In order to achieve the study’s aims, two methods were employed: semi-structured interviews and a questionnaire survey. The findings show that corporate governance is now seen as one of the most important concepts for Saudi banks and the nation’s financial sector in general. However, there are different views regarding the sufficiency and effectiveness of corporate governance codes. However, and although it is not required by the regulatory bodies in Saudi Arabia, all listed banks also have their own codes of business ethics; the findings show that there is a strong perceived relationship between corporate governance and business ethics, which has a positive impact on the banks’ practices, although any meaningful developments in ethical standards will require mandating of the key principles.