Corporate Governance for SMEs

I am curious about the lack of provisions, encouragement and even coverage on SMEs applying good corporate governance standards. Is this simply because they are smaller players compared to the big, listed companies and can choose to take notice of these provisions if they so desire? Is it because these standards, for instance in relation to NEDs, are in fact so difficult to apply that it is not really realistic for these small companies or is it simply the old problem of constructing and implementing most company law rules as a response to the needs and requirements of large companies?

The importance of SMEs on local economies is significant, both in terms of employment as well as wealth creation, so why does it not seem as important that they apply good corporate governance. Granted they could do more picking and choosing from these rules than the bigger companies, but all in all the structure, discipline and transparency that comes with a governance regime should benefit all companies, big and small.