For example, the Great Western (GWR) and London and South Western Railways (L&SWR) had very different board sizes between the 1830s and 1915. In 1834 the GWR board had fifteen directors. However, the number fluctuated between sixteen and twenty-eight until 1878, when it stabilised at nineteen until 1922. Yet, the L&SWR stabilised its smaller board size earlier in its history. It started with fifteen members in 1833, but consistently had twelve from 1860 onwards. Thus, the L&SWR had fewer men sit on its board up until 1915. Between 1834 and 1915 seventy-seven men were L&SWR directors, whereas for the GWR the total was 128. Why the boards were different sizes is not entirely clear. However, it is suspected this was because the companies served different geographical areas, the GWR's being larger, and there were more vested interests involved in the GWR that had to be accommodated.
 Channon, Geoffrey, Railways in Britain and the United States 1830-1940, p.165
 The National Archives [TNA], RAIL 1110/281, 283 and 284, London and South Western Railway Reports and Accounts 1831-1922
 Channon, Railways in Britain and the United States , p.180