Promoting a sense of responsibility is often seen as a benchmark for good corporate governance. The article argues for extending the discourse of responsibility to corporate citizenship and for understanding sustainability initiatives as innovation processes. The Board of Directors has a central role to play here, both in interpreting social change and in creating the conditions for successful implementation of social impact initiatives.

The contribution of the venture board to entrepreneurial value creation, and its pivotal role in venture ecosystems, is often overlooked despite a long history of venture governance. History teaches us six principles of excellence in venture governance.