This paper provides results of theoretical and practical researches obtained by the authors on the notion of competitiveness and corporate governance, as well as monitoring the creation and development of a corporate governance model in Montenegro in the period between 2002 and 2012. Furthermore, the authors have analysed the element of the corporate governance system in the reports on competitiveness of renowned international organisations. The purpose of this paper is to point out the influence of corporate governance quality on the improvement of the competitiveness level of firms and the country as a whole. Basic conclusion reached by the authors in the conduct of their research is that the reform implementation in Montenegro affected positively the corporate governance in the period between 2002 and 2012, as proven through better ranking reported by relevant international institutions.