Today's report says the BBC governors will in future be supported by an expert governance unit separate from senior management. They will also use external advisers to carry out a series of independent reviews into BBC services.
Mr Grade said: "Governance is about stewardship. Stewardship of the money. This is the difference between the BBC governors and Ofcom. Ofcom has no responsibility for anybody's money."
Mr Thompson added: "An economist might conclude the BBC has an important role in preventing various kinds of market failure in the new digital world. Our vision is far bolder. We look forward to a future where the public have access to a treasure house of digital content."
Mr Grade even suggested the BBC, established under a royal charter, could change its status to a mutual society or trust.