The Board's main responsibility is to steward its institution through risks and opportunities. Nonetheless, boards are also at risk—their exposure goes beyond the immediate success or failure of the institution they supervise—they need to balance long-term stewardship with short term survival. Boards are at risk because of their own ability (or lack thereof) to steer complex institutions through the murky meanders of reputational hits, business disruptions, economic shocks, leadership breakdowns and organisational failures.