What do former government officials really bring to the board

The board of directors is the steering wheel organizations use to achieve their goals and its composition has widely been analysed. This paper will show how the number of former government officials has increased in the board of large Spanish firms over the last two decades depending on the number of former government officials in the board and how regulated the industry is. The results will also show that even though there was a period in which more former government officials joined boards, the numbers have stabilised in recent years due to, among other factors, the increasing concerns in society related to the “revolving doors” behaviours.