Sound Fund Advisors (SFA), a firm that offers independent fund directorship services, recently released a white paper considering the relationship between good fund governance and fund survival, and offering best practices for the creation and operation of fund boards. This article summarizes the key findings from the study and includes insights from Ramona Bowry, SFA director and one of the study’s authors. For additional commentary from professional directors, see “Former General Counsel and Current Independent Director Discusses the Importance of Robust Fund Governance” (Dec. 8, 2016); and “Former Law Firm Partner and Current Independent Director Provides Perspective on Hedge Fund Governance Issues, Regulatory Matters and Allocator Concerns” (Oct. 27, 2016).