Is corporate governance a science or an art? I believe it is a little bit of both. It must be a science since eminent professors teach it; it is an art for those who practice it. The tree shall be known by its fruits: are good results a consequence of good corporate governance? And what are good results? Rising profits, innovation, long-term viability, the protection of creditors, stable employment, shareholder value? Does good corporate governance depend on the structure of boards?