This project examines the development of corporate governance structures of development corporations in First Nations communities in British Columbia and across Canada. The concept is advanced of a close relationship between local community and corporate goals. Discussion focuses on potential conflicts of interest (agency problems) between community political leaders and managers of on-reserve businesses. Three theoretical models were developed -- traditional Native, Economic Development Corporation, and modern Native -- and in-depth interviews were completed in selected case study communities and questionnaires were administered to economic development professionals at the annual conference of the Council for the Advancement of Native Development Officers. The findings from this study indicate that the traditional Native model of corporate governance prevails in small communities and that traditional Native model boards of directors are politicized -- not independent from local government. Politicizing of business decisions should be avoided, and checks and balances should be put in place within the corporate governance structure of development corporations.