Conclusion

Great governance produces strong results in the form of economic value creation for companies and efficient mission achievement for nonprofits. This performance is built on a foundation of broad excellence, facilitates achievement of aspirations and vision, and enables the board to control the organization's destiny.

Great results are built on high aspirations. This is as true for companies and nonprofits as it is for individuals. The first task of the board is to set such aspirations for the enterprise and itself.

With this done, directors need to develop the proper mindset with which to oversee the company or organization in their charge. A few guiding ideas compose the stewardship thinking that underlies great governance. We turn to them next.