I used to think that before the Governing Body was introduced in the 1970's as we know it today, that they used that term for the 7-member board of directors. But the article written by Milton Henschel in the '50s that was just posted showed another angle. Apparently all shareholders were the "governing body" and the board was their representative, just like later they would say that all anointed ones were the faithful slave and the GB was their representative.
The governing body at present has 402 members, who reside in 29 countries and elect seven ministers as a board of directors. The board chooses one director as president.