Board equity ownership can serve as a signal of alignment, but its effectiveness depends on how it is designed, sustained, and understood by investors. This toolkit is intended to help long-term investors evaluate board ownership as a governance mechanism. It offers a set of questions to assess whether ownership is meaningful in scale, durable over time, and supportive of effective oversight. The goal is to help investors distinguish between structures that reinforce long-term value creation and those that remain largely symbolic, and to support more informed engagement with boards on ownership design.