It would be foolish to try to pin down the identity of Australia’s most powerful board. But here’s a wager well taken: it’s not on the Australian Securities Exchange.

For sheer firepower-per-board-seat, little can match the might of Australia’s heftiest not-for-profit institutions, which for decades have leant on society’s wealthiest and well-connected for the best governance money can’t buy. In return, such boards offer a potent mix of status and elite access. And, occasionally, a crisis or two, which for those passionate enough about these things has proven no deterrent at all.