Uploaded June 2026 | Updated September 2026, 2 weeks ago
What does a board of directors really do — and does it depend on who owns the company? In this episode of NSEAD Explains Governance, INSEAD Professor of Finance Massimo Massa breaks down how a board's role shifts dramatically depending on whether a firm is privately held or publicly listed.
From family businesses navigating conflicting shareholder goals, to institutional giants like BlackRock reshaping governance through market discipline — discover why the relationship between owners, boards, and CEOs is more complex than ever.
In this video:
- Why boards exist to challenge CEOs, not just support them
- How private vs. public ownership changes board responsibilities
- The rise of financial markets as a governance mechanism
- Why split ownership (family + private equity) can create serious tensions
- How ownership structure influences the type of CEO a company hires
See more on INSEAD Explains Governance: https://knowledge.insead.edu/insead-explains-governance and for more INSEAD Knowledge content, visit: https://knowledge.insead.edu.
Chapters:
00:00 - What are the different roles and responsibilities of owners, boards and management?
01:17 - How do board roles differ for listed companies vs. privately-owned companies?
02:40 - What are the key risks a board should be paying attention to?
03:50 - What role does the board play in defining the control structure of a company?
05:37 - How do boards help distribute a company's financial resources?
06:54 - What are some new governance challenges that boards need to deal with?
08:27 - What is the future function of boards?
09:28 - What sort of CEO should boards look to hire?
11:27 - Are asset management firms like BlackRock bad for governance?
What does a board of directors really do — and does it depend on who owns the company? In this episode of NSEAD Explains Governance, INSEAD Professor of Finance Massimo Massa breaks down how a board's role shifts dramatically depending on whether a firm is privately held or publicly listed.
From family businesses navigating conflicting shareholder goals, to institutional giants like BlackRock reshaping governance through market discipline — discover why the relationship between owners, boards, and CEOs is more complex than ever.
In this video:
- Why boards exist to challenge CEOs, not just support them
- How private vs. public ownership changes board responsibilities
- The rise of financial markets as a governance mechanism
- Why split ownership (family + private equity) can create serious tensions
- How ownership structure influences the type of CEO a company hires
See more on INSEAD Explains Governance: https://knowledge.insead.edu/insead-explains-governance and for more INSEAD Knowledge content, visit: https://knowledge.insead.edu.
Chapters:
00:00 - What are the different roles and responsibilities of owners, boards and management?
01:17 - How do board roles differ for listed companies vs. privately-owned companies?
02:40 - What are the key risks a board should be paying attention to?
03:50 - What role does the board play in defining the control structure of a company?
05:37 - How do boards help distribute a company's financial resources?
06:54 - What are some new governance challenges that boards need to deal with?
08:27 - What is the future function of boards?
09:28 - What sort of CEO should boards look to hire?
11:27 - Are asset management firms like BlackRock bad for governance?
