The paper examines the joint impact of transparency and board structure on cost of capital for a sample of firms listed on the Egyptian Stock Exchange during the period from 2010 through 2017. I predict that transparency and Board of Directors (BOD) structure has an impact of lowering cost of equity capital. The paper hypothesized that an interaction effect may exist between transparency and BOD structure in shaping their relationship with cost of capital. Results reveal that transparency has a negligible effect on cost of capital; on the contrary, evidence supports the positive impact of BOD governance on lowering cost of capital. Further, results uncover a complementary insignificant relationship between transparency and BOD structure.