In a white paper dated November 2010, HedgeDirector generally argues that: (1) boards of offshore hedge funds, especially the non-executive directors, have an important role to play in making sure that hedge funds appropriately pursue their investment goals and avoid undue investment, regulatory and other risks; (2) offshore boards generally perform that role inadequately because directors typically lack investment expertise, serve on too many boards and are inappropriately influenced by the hedge fund manager; (3) the governance and investor protection roles of offshore boards can be better effectuated by directors with alternative investment experience, fewer directorships and more independence from the manager; and (4) stronger offshore boards would help persuade supervisors that the hedge fund industry can adequately regulate itself, and thus would diminish the likelihood of further hedge fund regulation.  This article outlines the argument of the white paper in greater detail, and critiques that argument.