Companies with a near to optimal capital structure operate effectively in a dynamic business environment with access to financial resources to pursue opportunities and respond to change. Although the performance effects of different capital arrangements have been examined in relation to investments, survival, growth, and solvency, few accounts explore the role of the responsibly led board and shareholders as shaped by the legal nature of the company. This chapter focuses on the board’s roles and responsibilities in relation to shareholders as the board makes decisions that affect the company’s capital structure. The leadership role of the board is examined through the lens of shareholder diversity, board–shareholder relationships, and accountability. These lenses are used to illustrate the ways in which boards’ behaviours aid or hinder its relationships with different shareholders with diverse objectives and time horizons in three case studies. The different lenses allow a juxtaposition of insights from the boards of a publicly listed international software company, a state-owned coal mining enterprise, and a privately held construction management consultancy company, and to link these different capital structures and shareholders to boards’ behaviour as they seek to enact responsible leadership in governance.