Recent decades have seen the emergence of new forms of governance in education. Market-oriented education policies have seen schools removed from local government oversight, and instead sees them run by independent school trusts. This begs the question of what effectiveness and quality in a trust framework mean. In this paper, we review the literature from four countries with relatively comparable trust structures: England, the Netherlands, Sweden, and the US, to look at the evidence base on trust quality, leadership, and effectiveness. We find that the evidence base itself is relatively limited in scope. It is strongest in relation to impact on the organisation, especially with regards to the importance of HR, relationships within the trust, and quality assurance mechanisms. There is evidence at the network level on the importance of knowledge and skills of governors, effective forms of collaboration, and a shared vision across the trust. Trusts can improve the quality of education through professional development of teachers, developing consistent approaches, and sharing knowledge. Evidence of how trusts can enhance their impact in the community is limited.