Publicly listed companies are under growing pressure to deliver short-term results while at the same time driving long-term innovation. Against this background, it is crucial for the board to focus on the company’s long-term strategic development. In academia and in the business community, there are increasing calls for bringing more relevant expertise to the boardroom to be able to master the challenges of the future. However, this expertise only pays off if directors actually share it as part of their governance responsibilities. WU Professor Patricia Klarner, head of the Institute for Organization Design, investigates the role of the board in long-term, high-risk product innovation.