Situated in Beijing, Tenglong Ltd. is a typical non-state-owned listed firm in China. After its initial public offering, the founder has retained majority ownership and operation control by serving as both chairman and chief executive officer. An independent director of the company is worried about its corporate governance practice. What puzzles him most is the fact that, despite the apparent weaknesses of the board, the company itself is doing very well in the market. As he reflects on his experience, he cannot help wondering whether there is anything wrong with the board and what an effective board should and should not do.