The internationalization process involves both risks and challenges for the company (Buckley 1997, 72). Some authors even consider internationalization to be one of the most diffi cult strategies for a company to implement (Fernández and Nieto 2005, 77). Bearing in mind that at the end of the day the board of directors is responsible for the development and success of the company (Lainema 2006, 21), the internationalization process is, or should be, an important matter on the board’s agenda.