Abstract: The common principles of corporate governance in the world often recommend a board of directors be composed of independent members. The key mission for the independent members of the board of directors is to make sure of this substantial matter that the conflict on agency among the shareholders and management must be candidly solved; this requires the proper evaluation of the balance between risks and rewards, short-term benefits versus long-term benefits and the conflict of interests. Therefore, the independent members of the board of directors should be not only qualified but also conscious enough in order to be able to ensure of the stability of the company and resolve it. In addition to that, this should not be done with interference in the tasks of the executive management but it should be accomplished indirectly in order to make sure of the fact that the management of the company would decide and fulfill the required measures based on that awareness. The objective of this research is to study the effects of the corporate governance mechanisms (board of directors’ independence) on the risk in the companies listed in the Tehran Stock Exchange. For that aim, 80 companies enacting in the Tehran Stock Exchange were selected as the statistical samples in the time period 2010-2014 by the removal method and the data was analyzed. The present study is practical in terms of objectives and it is a descriptive-correlation research. The statistical method applied for testing the hypotheses is the multivariate regression.