One of the two main tasks of top management, i.e. the highest level of management in an institution, is governance. Without governance there is no functioning management, the lack of functioning management means no chance of success. The five main tasks of the governance function are: 1. review of the past; 2. looking ahead to the future; 3. selection, management and evaluation of executive managers; 4. organisation of the executive function (allocation of responsibilities and procedural rules); 5. developing relations with different stakeholders.