This chapter explores the relationship between supervisory and management boards in the two-tier governance model, emphasizing the need to balance oversight and collaboration. It highlights how tensions, information asymmetries and power imbalances can lead to relational risk and weakened trust. The chapter outlines how board dynamics should evolve across organizational life cycle stages and introduces mechanisms to rebalance power, such as clearly defined roles, transparent communication, and the involvement of a corporate secretary. It also analyzes how trust, both between and within boards, enhances governance effectiveness, while excessive trust or control can undermine decision-making. Finally, the chapter focuses on the board chair’s pivotal role in fostering collaboration and managing stakeholder engagement.