In this monograph I show how leading corporations in one Latin American country are using their compliance with a voluntary corporate governance code to build legitimacy. Corporate governance is often characterized as having been captured by proponents of shareholder capitalism with the aim of self-enrichment or mitigating the agent problem. The puzzle is that corporations in seven Latin American countries have adopted voluntary governance codes modelled on the UK Combined Code, despite having no agent problem. I use the case of Peru to explain why some listed corporations use their governance information to build legitimacy with investors, financiers, supply chain partners, independent directors and even employees.