Learning Objectives

By the end of this lesson, learners should be able to:

  • Define board structure and explain its importance.
  • Explain the major components of an effective board structure.
  • Distinguish between executive and non-executive directors.
  • Explain the importance of independent directors.
  • Describe different board operating models.
  • Explain the relationship between the board and executive management.
  • Examine the importance of board composition and role clarity.
  • Analyze how board structure influences governance effectiveness.
  • Evaluate the advantages and limitations of different board operating approaches.
  • Recommend an appropriate board structure for different organizational circumstances.

1. Introduction to Board Structure

The board of directors is one of the central institutions of corporate governance.

However, simply having a board does not guarantee effective governance.

A board must be appropriately structured so that it can:

  • Provide strategic direction.
  • Exercise effective oversight.
  • Challenge executive management.
  • Monitor organizational performance.
  • Oversee risk.
  • Protect organizational interests.
  • Promote accountability.
  • Make informed decisions.
  • Maintain appropriate independence.
  • Support long-term organizational sustainability.

Board structure refers to the way the board is organized, composed and arranged to perform its governance responsibilities.

It answers questions such as:

  • Who sits on the board?
  • How many directors should there be?
  • Which directors are executives?
  • Which directors are independent?
  • Who leads the board?
  • How are responsibilities divided?
  • Which committees exist?
  • How does the board interact with management?
  • How are decisions made?

An effective board structure should create an appropriate balance between leadership, expertise, independence, oversight and organizational knowledge.

2. Meaning of Board Structure

Board structure refers to the formal arrangement through which a board of directors performs its governance responsibilities.

It includes:

  • Board composition.
  • Number of directors.
  • Executive and non-executive representation.
  • Independent directors.
  • Chairperson and leadership arrangements.
  • Board committees.
  • Director responsibilities.
  • Reporting relationships.
  • Decision-making procedures.
  • Board tenure and succession arrangements.

Board structure should reflect the organization’s:

  • Size.
  • Ownership structure.
  • Industry.
  • Legal requirements.
  • Strategic complexity.
  • Risk profile.
  • Stakeholder environment.
  • Stage of development.

A small family-owned organization may require a different board structure from a large publicly listed multinational corporation.

3. Why Board Structure Matters

The structure of the board influences its ability to perform effective oversight.

A poorly structured board may experience:

  • Excessive concentration of power.
  • Conflicts of interest.
  • Weak challenge of management.
  • Poor decision-making.
  • Inadequate expertise.
  • Ineffective committees.
  • Limited accountability.
  • Groupthink.
  • Poor risk oversight.

A well-structured board can provide:

  • Diverse expertise.
  • Independent judgment.
  • Effective challenge.
  • Clear accountability.
  • Better strategic oversight.
  • Improved risk awareness.
  • Stronger decision-making.
  • Appropriate separation of responsibilities.

Board structure therefore affects the quality of governance.

4. Basic Board Structure

A typical corporate board may include:

Chairperson

↓

Executive Directors + Non-Executive Directors + Independent Directors

↓

Board Committees

↓

Chief Executive Officer and Executive Management

The precise structure varies between organizations and jurisdictions.

The important principle is that responsibilities should be clearly defined.

The board provides oversight while executive management is generally responsible for managing the organization’s day-to-day activities.

5. Executive Directors

Executive directors are members of the board who also hold executive positions within the organization.

Examples may include:

  • Chief Executive Officer.
  • Chief Financial Officer.
  • Chief Operating Officer.
  • Managing Director.

Executive directors bring valuable knowledge of the organization’s:

  • Operations.
  • Strategy.
  • Financial position.
  • Employees.
  • Customers.
  • Markets.
  • Internal processes.

Their involvement can improve the board’s understanding of organizational realities.

However, executive directors may also face conflicts because they are simultaneously involved in management and board oversight.

For example, the CEO may be required to present a proposal to the board and then participate in the board’s discussion about whether the proposal should be approved.

This creates the need for appropriate checks and balances.

6. Non-Executive Directors

Non-executive directors are directors who are not part of the organization’s executive management team.

Their primary responsibility is generally board-level oversight rather than daily operational management.

Non-executive directors may contribute:

  • Independent judgment.
  • External experience.
  • Industry knowledge.
  • Strategic insight.
  • Financial expertise.
  • Risk expertise.
  • Governance experience.

They can provide constructive challenge to executive management.

For example, if management proposes a major acquisition, non-executive directors may ask:

  • Why is the acquisition necessary?
  • What assumptions support the valuation?
  • What risks have been identified?
  • What alternatives were considered?
  • How will the acquisition affect the organization’s financial position?
  • What happens if expected synergies do not materialize?

This type of questioning is an important part of board oversight.

7. Independent Directors

An independent director is a director who is sufficiently free from relationships or circumstances that could materially interfere with objective judgment.

Independence is important because boards must be able to challenge management and influential stakeholders.

Potential threats to independence may include:

  • Significant financial relationships.
  • Close personal relationships with executives.
  • Employment relationships.
  • Material business relationships.
  • Significant ownership interests.
  • Conflicts of interest.
  • Excessively long or close associations.

Independence does not mean that a director has no relationship whatsoever with the organization.

Rather, it means the director should be able to exercise objective judgment without inappropriate influence.

8. Why Board Independence Matters

Board independence helps prevent excessive concentration of power.

Consider an organization where:

  • The CEO dominates board discussions.
  • The chairperson is closely dependent on the CEO.
  • Most directors have significant personal relationships with management.
  • Major decisions are rarely challenged.

The board may formally exist but provide weak oversight.

An appropriately independent board can ask difficult questions and challenge management decisions.

Independence therefore supports:

Objective Judgment + Constructive Challenge + Accountability

9. The Chairperson

The chairperson provides leadership to the board.

The chairperson’s responsibilities commonly include:

  • Leading board meetings.
  • Setting an appropriate tone.
  • Encouraging constructive discussion.
  • Ensuring directors receive adequate information.
  • Managing board agendas.
  • Encouraging participation.
  • Facilitating effective decision-making.
  • Supporting effective relationships between directors and management.
  • Helping ensure that governance responsibilities are properly performed.

The chairperson should not normally dominate the board.

Instead, effective chairmanship creates an environment where directors can:

  • Ask questions.
  • Challenge assumptions.
  • Express disagreement.
  • Contribute expertise.
  • Consider alternative perspectives.

A strong chairperson therefore facilitates effective collective judgment.

10. CEO and Chairperson Roles

One important board structure question is whether the roles of:

Chairperson

and

Chief Executive Officer

should be held by the same person or different people.

There are different approaches internationally.

Separate Roles

Under a separated structure:

Chairperson → Leads the Board

CEO → Leads Management

This creates a clearer distinction between governance and executive management.

Potential advantages include:

  • Greater separation of responsibilities.
  • Stronger board oversight.
  • Reduced concentration of power.
  • Greater opportunity for independent challenge.

Combined Roles

In some organizations, one person may hold both positions.

Potential advantages can include:

  • Clear leadership.
  • Faster decision-making.
  • Strong alignment between strategy and execution.

However, combining the roles can create a significant concentration of authority.

The appropriate structure depends on the organization’s circumstances and applicable governance requirements.

11. Board Composition

Board composition refers to the characteristics and mix of individuals serving on the board.

An effective board should collectively possess the knowledge and experience necessary to oversee the organization.

Relevant areas of expertise may include:

  • Finance.
  • Accounting.
  • Law.
  • Risk management.
  • Technology.
  • Cybersecurity.
  • Human resources.
  • Marketing.
  • Operations.
  • Strategy.
  • Industry knowledge.
  • Sustainability.
  • International business.

Board composition should therefore be considered collectively rather than simply by examining individual directors.

12. Board Skills Matrix

A skills matrix is a governance tool used to identify the expertise available on a board and the capabilities that may be missing.

For example:

Skill

Director A

Director B

Director C

Director D

Finance

✓

  

✓

  

Legal

  

✓

    

Technology

    

✓

✓

Risk

✓

  

✓

  

Industry

✓

✓

    

Strategy

✓

✓

✓

  

The board can then identify gaps.

For example:

Current strength: Finance

Current strength: Strategy

Gap: Cybersecurity

Gap: Digital transformation

The board may address these gaps through:

  • New director appointments.
  • Director development.
  • External advisers.
  • Committee appointments.
  • Board education.

13. Board Diversity

Board diversity refers to having an appropriate range of perspectives, experiences and characteristics among directors.

Diversity can involve:

  • Professional background.
  • Industry experience.
  • Skills.
  • Gender.
  • Age.
  • Geographic experience.
  • Cultural perspectives.
  • Educational background.

The governance argument for diversity is not simply numerical representation.

Diverse boards may be better positioned to:

  • Challenge assumptions.
  • Identify different risks.
  • Understand different stakeholders.
  • Avoid excessive groupthink.
  • Consider alternative solutions.

However, diversity must be combined with competence, independence and effective board processes.

14. Board Size

There is no universally ideal board size for every organization.

A board that is too small may lack:

  • Expertise.
  • Diversity.
  • Committee capacity.
  • Independent challenge.

A board that is too large may experience:

  • Slow decision-making.
  • Reduced participation.
  • Communication difficulties.
  • Excessive formality.
  • Difficulty reaching consensus.

The appropriate size depends on factors such as:

  • Organizational complexity.
  • Regulatory requirements.
  • Committee requirements.
  • Ownership structure.
  • Geographic scope.
  • Risk profile.

The objective should be a board large enough to provide the necessary expertise and oversight but sufficiently focused to work effectively.

15. Board Operating Model

A board operating model describes how the board organizes its activities and performs its responsibilities.

It includes:

  • Meeting frequency.
  • Committee arrangements.
  • Information flows.
  • Decision processes.
  • Board-management interaction.
  • Delegation arrangements.
  • Monitoring systems.
  • Evaluation mechanisms.

An effective operating model should ensure that the board spends sufficient time on governance priorities.

For example, a board should not spend nearly all its meeting time discussing routine operational matters while spending very little time on:

  • Strategy.
  • Risk.
  • Succession.
  • Financial sustainability.
  • Organizational culture.
  • Major opportunities.

16. The Governance–Management Boundary

One of the most important aspects of board structure is maintaining an appropriate boundary between governance and management.

The board should focus primarily on:

  • Direction.
  • Oversight.
  • Strategy.
  • Risk.
  • Accountability.
  • Executive performance.
  • Major decisions.

Management should generally focus on:

  • Implementation.
  • Operations.
  • Employees.
  • Processes.
  • Customer service.
  • Daily resource allocation.

The boundary should not be completely rigid.

The board may become more involved during:

  • Major crises.
  • Leadership transitions.
  • Serious financial difficulties.
  • Major strategic transactions.
  • Significant governance failures.

However, temporary increased involvement should not automatically turn the board into an operational management team.

17. Delegation of Authority

Boards cannot perform every organizational task themselves.

They therefore delegate certain responsibilities to:

  • The CEO.
  • Executive management.
  • Board committees.
  • Senior officers.

Delegation allows the organization to operate efficiently.

However:

Delegation of authority does not necessarily eliminate ultimate board accountability for appropriate oversight.

The board should establish:

  • What authority is delegated.
  • To whom it is delegated.
  • What limits apply.
  • What information must be reported.
  • How performance will be monitored.

18. Reserved Matters

Some decisions may be considered sufficiently important that they should remain subject to board approval.

These are sometimes referred to as reserved matters.

Examples may include:

  • Major acquisitions.
  • Major disposals.
  • Significant borrowing.
  • Major capital expenditure.
  • Appointment or removal of senior executives.
  • Major strategic changes.
  • Significant legal settlements.
  • Material related-party transactions.

Reserved matters help prevent management from making decisions beyond its delegated authority.

19. Board Committees

Boards often establish committees to examine specific areas in greater detail.

Common committees include:

  • Audit Committee.
  • Risk Committee.
  • Remuneration Committee.
  • Nomination and Governance Committee.
  • Sustainability Committee.

Committees can improve board effectiveness by allowing directors to conduct detailed analysis before matters reach the full board.

However, committees do not normally replace the board.

They support the board.

20. Board Committees and Accountability

A committee may review a matter and make recommendations to the board.

For example:

Audit Committee

↓

Reviews financial reporting

↓

Reviews significant audit matters

↓

Reports to the Board

↓

Board considers and makes appropriate decisions

The committee therefore strengthens oversight while maintaining the board’s overall governance responsibility.

Committee responsibilities should be clearly documented.

21. Board Information

Effective board structure depends heavily on the quality of information available to directors.

Directors need sufficient information to make informed decisions.

Board information should generally be:

  • Accurate.
  • Relevant.
  • Timely.
  • Understandable.
  • Balanced.
  • Sufficiently detailed.

Too little information can result in poor decisions.

Too much information can also be problematic.

A board may receive hundreds of pages of reports but still fail to understand the most important issues.

Therefore:

More Information ≠ Better Governance

The objective is:

Relevant Information + Appropriate Analysis + Timely Delivery

22. Board Information Packs

A board information pack may contain:

  • Management reports.
  • Financial statements.
  • Risk reports.
  • Strategic updates.
  • Performance indicators.
  • Audit reports.
  • Compliance reports.
  • Major transaction proposals.
  • Committee reports.

Directors should have sufficient time to review materials before meetings.

Late distribution of important information can weaken board effectiveness.

23. Board Operating Models: Traditional Model

Under a traditional board model, the board primarily focuses on:

  • Oversight.
  • Strategy.
  • Executive accountability.
  • Risk.
  • Financial performance.

Management handles daily operations.

This model provides a clear governance-management distinction.

It is particularly suitable where:

  • Management is experienced.
  • Organizational responsibilities are clear.
  • Governance systems are mature.
  • The board receives reliable information.

24. Board Operating Models: Active Oversight Model

An active oversight board maintains closer engagement with management.

Directors may:

  • Ask more detailed questions.
  • Review implementation progress.
  • Monitor strategic initiatives closely.
  • Engage frequently with senior executives.

This model can be useful where:

  • The organization faces significant change.
  • Risks are elevated.
  • Management capacity is developing.
  • Major transformation is underway.

However, the board must avoid crossing into operational management.

25. Board Operating Models: Advisory Board

An advisory board provides expertise and advice but may not possess the same legal authority as a formal board of directors.

Advisory boards may be particularly useful for:

  • Startups.
  • Family businesses.
  • Growing organizations.
  • Organizations seeking specialist expertise.

Advisers may provide guidance in:

  • Strategy.
  • Finance.
  • Technology.
  • Marketing.
  • International expansion.

However, an advisory board should not be confused with a legally constituted board of directors.

26. Board Operating Models: Working Board

A working board is more directly involved in organizational activities.

This model is more common in:

  • Smaller organizations.
  • Early-stage organizations.
  • Non-profit organizations.
  • Organizations with limited management capacity.

Directors may contribute to:

  • Fundraising.
  • Strategy.
  • Operations.
  • Networking.
  • Financial management.

The risk is that governance and management responsibilities may become blurred.

As an organization grows, it may need to transition toward a clearer governance-management separation.

27. Board Operating Models: Policy Governance

Under a policy-oriented approach, the board focuses on:

  • Organizational purpose.
  • Strategic outcomes.
  • Executive accountability.
  • Governance policies.
  • Limits on executive authority.

Management receives appropriate freedom to determine how approved objectives will be achieved.

This approach emphasizes:

Board → What and Why

Management → How

The model can support executive autonomy while maintaining board accountability.

28. Choosing the Appropriate Operating Model

There is no universal board operating model.

The appropriate model depends on:

  • Organization size.
  • Organizational maturity.
  • Management capacity.
  • Risk exposure.
  • Ownership structure.
  • Regulatory environment.
  • Strategic complexity.
  • Crisis conditions.

A small organization may require a more hands-on board.

A large organization with a mature executive team may require greater separation between governance and operations.

The board should periodically evaluate whether its operating model remains appropriate.

29. Board Structure and Groupthink

Groupthink occurs when members of a group become overly focused on agreement and avoid meaningful challenge.

It can arise when:

  • Directors have very similar backgrounds.
  • The chairperson dominates discussion.
  • Management strongly influences the board.
  • Dissent is discouraged.
  • Directors lack independence.
  • Important assumptions are not questioned.

Board structure can help reduce groupthink through:

  • Diversity.
  • Independent directors.
  • Constructive challenge.
  • Appropriate meeting procedures.
  • Independent board leadership.
  • External perspectives.

30. Constructive Challenge

Effective boards do not simply approve management proposals.

They challenge constructively.

Constructive challenge means questioning proposals while remaining focused on organizational interests.

For example:

Instead of:

“This strategy is wrong.”

A director might ask:

“What assumptions would have to fail for this strategy not to achieve its expected outcome?”

This approach encourages analytical discussion rather than personal confrontation.

31. Board Decision-Making

Board decisions should be based on:

  • Adequate information.
  • Appropriate analysis.
  • Relevant expertise.
  • Proper discussion.
  • Risk consideration.
  • Legal and ethical considerations.
  • Organizational purpose.

Important decisions should not be rushed unnecessarily.

Directors should have sufficient opportunity to:

  • Review proposals.
  • Ask questions.
  • Seek clarification.
  • Request additional information.
  • Challenge assumptions.
  • Consider alternatives.

32. Board Evaluation and Structure

Board effectiveness should be periodically evaluated.

The evaluation may examine:

  • Board composition.
  • Director expertise.
  • Board independence.
  • Meeting effectiveness.
  • Committee performance.
  • Quality of information.
  • Board-management relationships.
  • Decision-making.
  • Chairperson effectiveness.

If the board identifies a capability gap, it may respond through:

  • Recruitment.
  • Director training.
  • Committee restructuring.
  • Board succession planning.
  • External expertise.

Board structure should therefore evolve over time.

33. Board Succession and Renewal

Boards should consider how directors will be replaced when their terms end or circumstances change.

Succession planning can help ensure:

  • Continuity.
  • Institutional knowledge.
  • Fresh perspectives.
  • Appropriate skills.
  • Independence.
  • Leadership continuity.

Without succession planning, a board may suddenly lose critical expertise.

Effective succession planning should therefore consider both:

Continuity + Renewal

34. Board Tenure

Director tenure refers to the length of time an individual serves on the board.

Long tenure can provide:

  • Organizational knowledge.
  • Historical understanding.
  • Strong relationships.
  • Industry experience.

However, excessive tenure may create risks such as:

  • Reduced independence.
  • Resistance to change.
  • Over-familiarity with management.
  • Reduced challenge.

The governance objective is not necessarily to minimize tenure but to ensure that board renewal and independence remain effective.

35. Board Structure in Family-Owned Organizations

Family-owned organizations may face unique governance challenges.

Family members may simultaneously be:

  • Owners.
  • Directors.
  • Executives.

This can create overlapping roles.

For example:

Family Ownership

  •  

Board Membership

  •  

Executive Management

may result in significant concentration of power.

Appropriate governance mechanisms may include:

  • Independent directors.
  • Family governance structures.
  • Clear role definitions.
  • Formal board procedures.
  • Conflict-of-interest policies.
  • Succession planning.

36. Board Structure in Publicly Listed Companies

Publicly listed companies generally face more extensive governance expectations because they involve public investors and broader stakeholder interests.

Their boards may need to provide strong oversight of:

  • Financial reporting.
  • Executive remuneration.
  • Risk.
  • Audit.
  • Market disclosure.
  • Related-party transactions.
  • Shareholder interests.

Board committees are often particularly important in this environment.

37. Board Structure in Non-Profit Organizations

Non-profit organizations may also have boards even though their objectives differ from those of commercial corporations.

The board may oversee:

  • Mission.
  • Financial sustainability.
  • Fundraising.
  • Executive leadership.
  • Risk.
  • Compliance.
  • Impact.

The board should ensure that organizational resources are used consistently with the organization’s mission and legal responsibilities.

38. Technology and Modern Board Structure

Technology has changed the information available to boards.

Modern boards increasingly need knowledge of:

  • Cybersecurity.
  • Artificial intelligence.
  • Data governance.
  • Digital transformation.
  • Privacy.
  • Technology risk.
  • Digital business models.

A board does not necessarily need every director to be a technology expert.

However, the board collectively needs sufficient technological understanding to ask appropriate questions.

For example:

  • What are our major cyber risks?
  • Who is accountable for cybersecurity?
  • How quickly can the organization recover from a cyberattack?
  • How is customer data protected?
  • What risks arise from artificial intelligence?

39. Board Structure and Organizational Resilience

A well-structured board contributes to organizational resilience.

Resilience refers to the organization’s ability to withstand disruption, adapt and continue functioning.

Board structure can support resilience through:

  • Diverse expertise.
  • Strong risk oversight.
  • Clear leadership.
  • Succession planning.
  • Effective crisis governance.
  • Reliable information.
  • Independent challenge.

During a crisis, the quality of the board’s structure may become particularly visible.

40. Common Board Structure Failures

Common structural weaknesses include:

1. Excessive Concentration of Power

One individual or group controls too many important decisions.

2. Insufficient Independence

Directors cannot effectively challenge management.

3. Inadequate Expertise

The board lacks critical knowledge.

4. Poor Role Clarity

Directors and executives do not understand their respective responsibilities.

5. Ineffective Committees

Committees exist formally but do not perform meaningful oversight.

6. Weak Chairpersonship

Board discussions are poorly managed.

7. Poor Information Flow

Directors do not receive adequate information.

8. Excessive Board Size

Decision-making becomes inefficient.

9. Excessive Board Involvement in Operations

Directors become involved in daily management.

10. Insufficient Board Renewal

The board becomes stagnant and resistant to change.

41. Best Practices for Board Structure

Organizations should consider the following practices:

  • Clearly define board and management responsibilities.
  • Maintain an appropriate balance of executive and non-executive directors.
  • Ensure sufficient independent representation.
  • Establish appropriate board committees.
  • Match board expertise to organizational needs.
  • Regularly review board composition.
  • Maintain effective succession planning.
  • Encourage diversity of perspectives.
  • Provide directors with high-quality information.
  • Establish clear delegation arrangements.
  • Identify matters reserved for board approval.
  • Encourage constructive challenge.
  • Evaluate board effectiveness regularly.
  • Maintain appropriate chairperson leadership.
  • Adapt the board operating model as organizational circumstances change.

42. Practical Board Structure Example

Consider a medium-sized financial services organization.

The organization could establish:

Board

  • Independent Chairperson
  • Three Independent Non-Executive Directors
  • Two Non-Executive Directors
  • Chief Executive Officer

Committees

  • Audit and Risk Committee
  • Remuneration Committee
  • Nomination and Governance Committee

Executive Management

  • CEO
  • CFO
  • COO
  • Chief Risk Officer
  • Chief Technology Officer

The board would focus on:

  • Strategy.
  • Risk.
  • Financial performance.
  • Executive oversight.
  • Governance.
  • Compliance.
  • Organizational sustainability.

Management would focus on:

  • Execution.
  • Operations.
  • Employees.
  • Customers.
  • Technology implementation.
  • Business development.

This structure creates a clearer distinction between governance and management while allowing directors with different expertise to contribute.

43. Executive Application Exercise

Board Structure Diagnostic

Select an organization that you know or use a recognized organization as a case study.

Evaluate the following:

1. Board Composition

Who sits on the board?

2. Executive Representation

How many directors are also executives?

3. Independence

How effectively can directors exercise independent judgment?

4. Skills

What expertise does the board possess?

5. Diversity

Does the board contain sufficiently diverse perspectives?

6. Leadership

How are the chairperson and CEO roles structured?

7. Committees

Which board committees exist?

8. Delegation

Which responsibilities are delegated to management?

9. Reserved Matters

Which major decisions remain with the board?

10. Overall Assessment

Identify:

  • Three strengths.
  • Three weaknesses.
  • Three recommendations for improving board structure.

44. Lesson Summary

Board structure refers to the way a board is composed, organized and operated to perform its governance responsibilities.

An effective board structure should provide an appropriate balance between:

  • Leadership.
  • Independence.
  • Expertise.
  • Diversity.
  • Oversight.
  • Accountability.
  • Strategic judgment.

Executive directors provide detailed knowledge of the organization, while non-executive and independent directors can provide objective oversight and constructive challenge.

The chairperson plays a critical role in facilitating effective board leadership and ensuring that directors can participate meaningfully in discussions.

The board must also maintain an appropriate boundary between governance and management. Directors should provide oversight without unnecessarily taking over day-to-day operations.

Different organizations may require different board operating models. These can include traditional oversight boards, active oversight boards, advisory boards, working boards and policy-oriented models.

Ultimately, effective board structure should ensure that:

The right people + the right responsibilities + the right information + the right processes = effective board governance.

A board should therefore periodically assess whether its composition, leadership, committees, operating model and decision-making processes remain appropriate for the organization’s changing circumstances.

References

  • OECD, G20/OECD Principles of Corporate Governance 2023.
  • International Finance Corporation (IFC), Corporate Governance Methodology.
  • Financial Reporting Council (FRC), UK Corporate Governance Code.
  • World Bank, Corporate Governance.
  • Institute of Directors, Corporate Governance Guidance and Principles.

 

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