As in other industries, effective board governance is essential to the management of large commercial banks. However, in recent years, both U.S. regulators and international standard setters have demanded significantly expanded responsibilities and expertise for bank board directors. TCH has undertaken significant efforts to promote prudent management practices and confidence in the banking industry through enhancements to U.S. bank corporate governance. As part of TCH’s continuing work in this area, TCH has issued numerous thought leadership reports and has commented on proposed regulations, guidance and principles issued by U.S. authorities and international organizations and standard setters in the area. TCH’s advocacy highlights the common governance elements that could help guide institutions but also recognizes that specific governance structures will necessarily differ for each particular bank’s circumstances. TCH’s work emphasizes that a central tenet of good corporate governance is the distinction between the board’s responsibility for oversight of the business and affairs of the banking organization and the board’s delegation to management of the responsibility for the day-to-day operations of the organization.