This article presents an interview with Richard Chait, Research Professor at the Harvard Graduate School of Education, regarding the three major challenges that face college and university governing boards today--in the areas of board structure, planning, and trustee selection. In the interview, Chait shares his concern about the state of trusteeship today and discusses these three gremlins of governance that haunt him. He also shares some examples of big ideas or insights that may give an institution a competitive edge.