Real matters of governance concern would be that the board is in no way representative of the fans. (arsenalarsenal.net)
The definition of governance concerns the allocation of power and responsibility for the delivery of agreed outcomes. (foeeurope.org)
All in all, Rasmala obviously remains an unloved & neglected stock — one with some lingering corporate governance concerns — but arguably it's still worth at least 0.6 - 0.7 times book as things stand today. (wexboy.wordpress.com)