There's a lot of talk about governance these days. Not just in co-op housing but all through the corporate world. It sounds great, but what does it really mean? Let's try to agree on what it means for a housing co-op. Here's a definition we can use:

Governance is how directors, and the members that elect them, set and control the overall direction of the co-op to ensure its success as a viable business and a co-operative community.

Governance is the job of the board, supported by the decisions of the members who elect them. It is driven by

• a clear understanding of the board's role
• the skills to carry it out
• values that put the interests of the co-op and its members first.

It's not hard to have a board that is effective, that acts wisely and that makes good decisions for the co-op, if the board holds itself to the standards of what we call good governance.