The Commission on Corporate Governance [CCG] of the New York Stock Exchange just issued their Report on good corporate governance in response to the financial crisis in 2008 and 2009. It lists 10 key principles. Principle #2 is very interesting. It states that, although there has been an emphasis on the board – shareholder relationship in the recent years, the CCG finds that “the critical role of management in establishing proper corporate governance has not been sufficiently recognized”. The CCG states that management must create a “culture of performance with integrity” and accountability systems. Healthy debate, which the CCG refers to as “constructive tension” is also needed between the board and management. In the wake of many major corporate tragedies lately, the CCG is now shining the spotlight on execution and not just strategy. So how is your board working with your managers?