Good governance requires the right ingredients (the right mix of board members!), a chef to provide leadership and accountability, and careful mixing and stirring of candid discussions, transparent practices, and governance policies. You can help your board Governance is a broad concept covering all aspects of the way a country is governed, including its economic policies and regulatory framework, as well as adherence to the rule of law. Corruption--the abuse of public authority or trust for private benefit--is closely linked: a poor governance environment offers greater incentives and more opportunities for corruption. Corruption undermines the public’s trust in its government. It also threatens market integrity, distorts competition, and endangers economic development. Since poor governance is clearly detrimental to economic activity and welfare, the IMF adopted in 1997 a policy on how to address economic governance, embodied in the Guidance Note “The Role of the IMF in Governance Issues.”