The ability of trustees to make independent judgments in the best interests of the university is a fundamental characteristic of an effective governing board. Trustee independence is increasingly threatened, however, as the university becomes more deeply embedded in government, industry, networks, and the professions. This topic is investigated through analysis of qualitative interviews, focus group observations, and informant-produced documents from 59 public university presidents. It is argued that threats to trustee independence are produced primarily through a process of moral seduction that allows trustees to engage in self-interested decision making while maintaining an ethical self-concept. The article then provides a conceptual model to frame our understanding of how important social actors seek to capture and co-opt boards of trustees to serve external interests and describes how the institutional mechanism of moral seduction creates important policy considerations. (Contains 2 tables.)