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The purpose of this article is to introduce corporate governance measures into a panelized model for predicting corporate failure in terms of firms’ accounting profitability. Statistical models usually approximate the prediction of corporate failure (the ultimate stage of which is bankruptcy) using accounting ratios. In this article, we focus on the first symptoms of bankruptcy, namely failures in terms of accounting profitability. The inclusion of variables in the forecasting model that reflect the configuration of the board of directors improves its relevance. The analyzed data concern companies on the SBF 120 index over the period 1998–2015. Some characteristics of the configuration of the board of directors, such as its composition and its level of activity, appear to be significantly related to the first symptoms of corporate failure, namely in terms of profitability.