The Board of Directors risks are related to the effectiveness and competence of the Board. Ineffective Boards are characterised by one or several of the following issues; Unquestioned leadership, Blindness of concentration and Overconfidence. For the three categories mentioned, known sub points are Groupthink, Sunk costs, Confirmation bias, Excess optimism, Loss aversion, Anchor , Halo effect, etc.The list can be long. Therefore the structure of Board reelection, the maximum membership, the above mentioned independency are important factors here. The skillset of the Board is of course also important here.