John Carver introduced the concept of ownership to the non-profit sector. In my experience, the significance of this concept is often not fully appreciated for what it is -- the fundamental starting point for good governance under any model. It is also my belief that lack of an appreciation of the importance of ownership is at the root of many non-profit board's governance problems, and, certainly, without such an appreciation, the full value of Policy Governance can never be grasped. Nonprofits that do not embrace the concept of "ownership" often think instead of "stakeholders". Let us uncover what lies behind these two concepts.