A governance board usually has just one employee; the Chief Executive Officer (CEO). The CEO is responsible for managing the company, the hiring of staff, the running of operations and reporting to the Board on progress. As such, this is a key responsibility and so taking the necessary time to define what the Board expects from the CEO, creating appropriate incentives, and hiring the right person is critical. Get this wrong and your company will likely pay the consequences.

In an ongoing sense it is important for the Board to put time and effort in to building a strong relationship with the CEO so that trust is established. It is critical that issues can be openly discussed and managed. Like any relationship this will take time and nurturing.