Corporate governance is a set of rules, controls, policies, and decisions established to guide a company, with the board of directors as its primary stakeholder. Managers, who are appointed by shareholders or other board members, are responsible for representing shareholders' interests. Therefore, awareness of managerial performance in all dimensions is vital for the company. Despite extensive research conducted in this field, no corporate governance model with a managerial performance evaluation approach has been designed that can serve as a basis for understanding success, weaknesses, strengths, and managerial strategies. The objective of this study is to bridge this research gap by developing and designing a new model tailored to the organizational culture and structure for evaluating managerial performance. This model was implemented and tested in the East Azerbaijan Water and Wastewater Company. The research methodology follows a qualitative approach using thematic analysis. The research data were analyzed through coding techniques using Maxqda software, leading to the identification of corporate governance indicators with a performance evaluation approach, which includes six main themes and eighteen sub-themes. The findings using ISM analysis indicate that managers' communication skills have the greatest impact on corporate governance with a managerial performance evaluation approach in the East Azerbaijan Water and Wastewater Company.