Sir David Clementi, who led the review, said the current regulator, the BBC Trust, should be scrapped, with media watchdog Ofcom holding the BBC to account instead.
He also said the BBC should have a single "board" to run its management.
In February, a committee of MPs said such a board would not need to have a representative from Wales.
But Sir David rejected that argument, saying there was a precedent dating back to 1952 of Wales, Scotland and Northern Ireland having their own voice in BBC decision making.
"It has provided an important link between the BBC and the Nations it serves," said Sir David.
Wales should continue to be represented on a reformed BBC management board, an independent review has concluded.