Thinking of good governance at a premier B-School in India, I was planning to write an article. The three pillars for this, according to me are Ownership, Leadership and Scholarship at the B-School by the important stake holders, the Faculty Members. I have had the good or bad fortune of working under at least four or five leaders (or Directors?) for over twelve years in two leading B-Schools in senior positions. Unfortunately, I witnessed a few shortcomings among these leaders like insecurity, indifference, inexperience and indecisiveness. This is very sad in today's highly competitive, modern and challenging days for Management Institutes of Excellence. The other stake holders like Students, Recruiters and Alumni are highly demanding like Value for Money if not Return on Investment!