The Board of Governors is a group of people appointed to oversee the activities of an organization, including financial matters.
The most famous board of governors is the Federal Reserve System, whose responsibilities include the analysis of domestic and international economic development and oversight of the operations of the Federal Reserve Banks.
The Board of Directors is a designated group that oversees the activities of the corporation.
The Board of Governors of the Federal Reserve System is appointed by the President and confirmed by the Senate.
A competent and well-organized board of directors is seen as a key component to the success of an organization.