Sound corporate governance seems so seductively easy on the one hand—what could be so difficult about a group of people getting together once a month and meeting around a boardroom table?—and yet in actuality it is very difficult to achieve. Corporate boards have their own social structure and depending on the personalities involved, the delicate balance between different roles in the boardroom can be difficult to calibrate. For the better part of four decades, Walt Moeling, senior counsel at the law firm Bryan Cave, has provided advice to bank boards on a wide range of issues including corporate governance. He...