Corporate governance and the Board of Directors. True or False? Goldman Sachs devoted more resources to asset management, and less to risky bond trading. An independent director should never own shares in the company for which he/she works as director. An independent director should have relatives in companies that do business with the company for which he/she works as director. Members of the Board of Directors have a fiduciary duty to act in the best interests of shareholders. In order to prevent unethical behavior, a Board of Directors should be ready to challenge management over matters of strategic importance. Management is best controlled by the Board of Directors when the CEO is also the Chairman/Chairwoman of the Board. An independent member of the Board of Directors is considered less independent if he/she has served for more than 10 years.