In the wake of increased scrutiny from lawmakers and the public, foundation boards have received significant press attention, much of it negative. Yet little research exists on the distinctive challenges of foundation governance. This report highlights viewpoints of CEOs of the largest foundations in the U.S. as a first step in a major study on effective foundation governance. The report identifies what foundation boards are doing in response to recent scrutiny and explores key attributes of foundation boards seen to be most effective by CEOs.