Afleveringen
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(0:00) Intro.
(2:09) About the podcast sponsor: The American College of Governance Counsel.
(2:56) Start of interview. *Reference to prior episode with Richard (E126 from Feb 2024).
(3:46) About his firm's 2024 SV150 Corporate Governance Report.
(9:04) On Virtual (Stockholder) Meetings (89% of SV150).
(11:23) Board Committee Structures. Audit, Comp, NomGov, and Others.
(14:02) On SV150's approach to ESG, impact of new SEC.
(18:53) On the evolution of boardroom diversity, impact of CA laws and Nasdaq Diversity Rule.
(21:40) Why private ordering will become more important in corporate governance.
(22:28) On dual or multi class share structures (-30% of SV150, and of those, 91% have sunset provisions).
(25:25) On ServiceTitan's compounding IPO ratchet (reference to my article about it). "Governance is a spectrum"
(31:29) On evolution of shareholder proposals in SV150. *Reference to E15 with Jim McRitchie.
(36:30) On shareholder activism (7.4%) in SV150.
(41:41) On the clawback policies of SV150 companies
(48:27) On the backlash to Delaware incorporations and SV moving out of CA. Reference to WSGR's DE's Status as the Favored Corporate Home.
(51:49) Biggest winner in business in 2024
(53:27) Biggest loser in business in 2024
(54:27) Biggest business surprise in 2024
(56:53) Best and worst corporate governance trend from 2024
(58:28) What’s the biggest corporate governance trend to watch out for in 2025
Richard Blake is a partner at Wilson Sonsini and the leader of the firm's public companies’ practice.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(2:05) About the podcast sponsor: The American College of Governance Counsel.
(2:52) Start of interview.
(3:36) Tom's origin story.
(5:37) The start of his career with Merrill Lynch (1991-2008).
(7:00) The financial crisis and his transition to the NYSE (2009-2013).
(10:53) His time at BlackRock (2013-2022).
(15:14) Defining private markets: "VC-backed pre-IPO private companies typically worth $1b ie. unicorns." Comparing public and private markets. Impact of the JOBS Act (2012).
(18:47) About the Nasdaq Private Market (NPM). Why companies do tender offers in private companies. Managing secondary liquidity.
(26:31) Distinguishing liquidity for employees, founders, and investors (cap table cleanup). Function of IPO.
(32:40) On regulation of private markets ("private markets are under regulated"). Difference between public and private markets: information asymmetry.
(41:23) Current private market dynamics (2021-2024). "We're optimistic that 2025 will be a great year"
(45:32) On the role of AI: "it has been the story of the public markets and private markets in 2024."
(50:26) Books that have greatly influenced his life.
How to Win Friends and Influence People, by Dale Carnegie (1936) Never Split the Difference, by Chris Voss (2016) "Tactical empathy"(52:52) His mentors.
(54:47) Quote that he thinks of often or lives his life by: "Whether you think you can, or think you can't - you're right," (Henry Ford)
(57:05) Cultural differences in venture between NY and Silicon Valley.
(58:19) An unusual habit or absurd thing that he loves: he's a volunteer pilot for Dogs for Good.
(59:38) The person he most admires.
Tom Callahan is the CEO and Manager of the board of managers of Nasdaq Private Market (NPM).
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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Zijn er afleveringen die ontbreken?
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(0:00) Intro
(3:27) About the podcast sponsor: The American College of Governance Counsel.
(4: 14) Start of interview.
(4:56) Drew Shagrin's origin story.
(8:12) David Chekroun's origin story.
(14:15) About the Institute of Corporate Governance at ESCP Business School, based in Paris.
(19:13) The focus of ICG between students, alumni, execs, directors, investors, state representatives, judiciary, and regulators.
(24:57) Corporate purpose under French law: changed in 2019 to explicitly take into consideration E&S issues.
(27:53) Comparing ESG trends from France & EU. The G is rooted in each member state, but E&S falls under the EU green deal.
(33:50) On board diversity: differences between US, France & EU. Sources: Copé Zimmermann Law (2011), Gender Equality Index (2018): on gender pay gaps, and Rixain Act (2021).
(41:32) On State Owned Enterprises (SOEs) and the role of the state in corporate governance.
(45:46) On the role of the state in promoting tech industry (startups and scale ups). BPI.
(48:55) On employee representation in the boardroom. In France, since 2013.
(54:19) On Entreprise à Mission structures and PBCs, balancing profit with social responsibility (in AI). The Danone case.
(58:24) Challenges of corporate governance in France: share value, board composition, and stewardship. AFEP and MEDEF.
(50:38) What are the 1-3 books that have greatly influenced your life:
David:The World of Yesterday by Stefan Zweig (1942)Lost in Translation: A Life in a New Language by Eva Hoffman (1989)The Anatomy of Corporate Law by Reiner Kraakman (2004)Drew:How Will You Measure Your Life? by Clayton Christensen (2012)(1:03:48) Who were their mentors, and what they learned from them.
(1:06:11) Quotes they think of often or live their life by.
(1:07:22) An unusual habit or an absurd thing that they love.
(1:08:20) The living person they most admire.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro
(1:12) About the podcast sponsor: The American College of Governance Counsel.
(1:59) Start of interview.
(2:57) Heather Gates' "origin story."
(5:17) Wolfe Tone's "origin story."
(10:23) On the governance of privately-owned businesses. Distinction with having "outside investors."
(15:20) On the nuances of family-owned businesses. *Reference to my podcast series on Succession show.
(18:28) On growth of LLC structures.
(20:53) On VC-backed company governance. *Note UC Law SF's VCBA.
(23:42) On the value of boards and good governance. When is the right time for a more formal governance structure.
(27:40) Deloitte Private Company Pulse Survey on Governance (from July 2024).
(31:40) On Climate Risk and ESG in private companies.
(34:16) On Cybersecurity Risk.
(38:20) On the evolving role of independent directors in private companies.
(42:28) On the rise of the public benefit corporation (PBC) structure in AI companies
(46:08) On the role of the board in developing talent.
(48:38) On the future of trust as a core tenant of governance.
(50:38) What are the 1-3 books that have greatly influenced your life:
Wolfe:The Art of War by Sun Tzu (roughly 5th century BC)Anything by Stephen Covey.When the Game Is Over, It All Goes Back in the Box by John Ortberg (2007)Heather:The Hard Thing about Hard Things by Ben Horowitz (2014)Boundary Boss by Terri Cole (2021)The Untethered Soul by Michael Singer (2007)(51:52) Who were their mentors, and what they learned from them.
(53:36) Quotes they think of often or live their life by.
(54:13) An unusual habit or an absurd thing that they love.
(54:40) The living person they most admire.
Wolfe Tone is the leader of Deloitte Private for the US and globally, and Heather Gates is the national Emerging Growth Company (EGC) business leader for Deloitte, overseeing the firm’s EGC, Private Equity, and Deloitte Private Audit & Assurance teams.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:20) About the podcast sponsor: The American College of Governance Counsel.
(2:06) Start of interview.
(3:20) Valeria's origin story.
(6:14) On joining IBGC, its mission and focus: governance training, research, and regulatory work with CVM, B3, Congress, etc.
(9:03) On the 25th IBGC Annual Summit.
(11:11) On the state of ESG in Brazil.
(15:15) On boardroom diversity in Brazil (20% female representation in public companies).
(17:40) Geopolitics, and where Brazil stands between the U.S. and China.
(20:56) Innovation and AI in Brazil.
(24:44) On compliance and anti-corruption measures by boards in Brazil (post Lava Jato).
(29:17) On the future of corporate governance in Brazil and her vision for IBGC.
(32:52) The importance of board education and constant learning. On the issue of overboarding (new rule from Novo Mercado).
(35:53) Books that have greatly influenced her life:
Feliz ano velho. By Marcelo Rubens Paiva (1982)Theory U. By Otto Scharmer (2007) The Moment of Lift. By Melinda Gates (2019)(36:54) Her mentors.
Her Dad.Pedro MeloVicky Bloch.(37:32) Quotes that she thinks of often or lives her life by.
(38:00) An unusual habit or absurd thing that he loves.
(38:32) The person she most admires.
Valeria Cafe is CEO of IBGC, the Brazilian Institute of Corporate Governance.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:26) About the podcast sponsor: The American College of Governance Counsel.
(2:13) Start of interview.
(3:03) Barry's origin story.
(7:00) Barry's board journey.
(9:39) On distinctions between serving on public and private company boards: "you have the same fiduciary duties."
(11:57) Evolution of boards in the last 30-40 years: "they have evolved for the better, but I don't think they've evolved enough." On board refreshment. On "non-traditional candidates" to boards.
(15:52) About his Bay area Black Directors Succession Project (2015-2016) *Reference to the Black Directors' Conference.
(18:40) About his Black Corporate Directors Time Capsule Project (2020)
(19:51) About his Black Directors Video Archive Project (Current)
(23:18) On board committee work. "As a new director, you ought to start in the audit committee."
(26:44) On the Black Corporate Board Readiness (BCBR) Program at SCU, and its endowment under his name.
(31:34) On the impact in California of SB-826 and AB-979. "I'm not a quota mandate person... but it worked." "I think we need to emphasize the business case for diversity."
(37:20) On the backlash against ESG and DEI. "Two requests for Silicon Valley: to create interactive databases 1) aggregating all diverse board candidates, and 2) Dates/schedule of openings of board seats." *Reference to VC-Backed Board Academy (VCBA) on Oct 29, 2024 at Nasdaq in NYC.
(45:54) Books that have greatly influenced his life
Cry, the Beloved Country. By Alan Paton (1948)Citizen Creek. By Lalita Tademy (2014) *his wifeJames. By Percival Everett (2024)(49:12) His mentors.
Colin Powell and Vernon Jordan.George Schultz (at Bechtell, "start out with an executive summary, be brief")Franklin Williams(50:15) Quotes that he thinks of often or lives her life by.
Nelson Mandela: "I never fail. I either win or learn."Vernon Jordan: "I'm here because I stand on many, many shoulders."Yogi Berra: "When you come to the fork in the road, take it."(50:58) An unusual habit or absurd thing that he loves: "Win the Day List"
(52:08) The person he most admires.
Barry Lawson Williams is a retired director who has served on the boards of 14 public companies. Since 2012, Barry has dedicated himself to promoting diversity in corporate boardrooms and mentoring Black professionals. Widely regarded as an icon in the Black corporate board community, he has led several impactful board-related projects.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:25) About the podcast sponsor: The American College of Governance Counsel.
(2:11) Start of interview.
(2:56) Zain Oke's origin story.
(5:08) Dianna Jones's origin story.
(8:25) Dennis Lanham's origin story.
(12:00) How executive education works (as opposed to degree conferring programs)
(14:22) On the origin and mission of the Black Corporate Board Readiness (BCBR) program at Santa Clara University.
(17:41) On the role of community and mentorship at BCBR.
(22:11) On lawyers serving on corporate boards.
(30:50) On the legal challenges to SB-826 and AB-979 in California (board diversity laws).
(40:00) On the politicization of the boardroom and the push back on ESG and DEI.
(51:23) Recommendations for executives seeking to join their first board, and for boards considering diverse candidates.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:30) About the podcast sponsor: The American College of Governance Counsel.
(2:15) Start of interview.
(3:05) Maggie's origin story.
(7:08) Maggie's board career. Reference to HBS case study on her. On staying on boards between 8-12 years to remain independent.
(10:19) On distinctions between serving on public and private company boards. The role of directors in each. *Reference to VC-Backed Board Academy (VCBA) on Oct 29, 2024 at Nasdaq in NYC.
(13:37) On PE-backed company governance.
(14:58) Debate on staying private vs going public.
(18:07) On creating her own board bootcamps for women and minorities, and placing directors on boards. "She's trained ~750 people: over 70% have been placed on their first board"
(21:49) On the evolution of boardroom diversity. Getting into the nomination-governance committee.
(24:21) On board leadership as chair of the board and/or other committees. "As a board chair, I'm a facilitator, not a dictator."
(28:04) On the board's role in strategy: 1) oversight, 2) insight, and 3) foresight (3-5 year increments).
(30:37) Costco's strategy (including details on its famous $5 rotisserie chicken). Legacy of Charlie Munger.
(36:30) On attributes of great directors: "They're great listeners and learners. In addition to participants, they know when to lean back and they know when to lean in. They ask questions versus making statements. They spend time outside the boardroom with senior leaders and with other board members to get to get to know them."
(38:30) On stepping up as a CEO at Docusign, and dealing with its leadership transition.
(41:30) Increasing importance of transparency, and explaining "the why" to stakeholder and stockholders.
(42:37) Books that she enjoys.
(42:53) Her mentors.
(43:36) Quotes that she thinks of often or lives her life by.
(44:18) An unusual habit or absurd thing that she loves.
(46:26) The person she most admires.
Maggie Wilderotter is a seasoned executive and board member with extensive experience leading both Fortune 500 companies and startups. She currently serves on the boards of Fortinet, Costco, and Sana Biotechnology, and she is the Chairwoman of DocuSign.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:23) About the podcast sponsor: The American College of Governance Counsel.
(2:10) Start of interview. *Reference to prior episode with Peter (E83 from Jan 2023).
(3:00) NACD Surveys on Board Practices and Oversight: Private Company Results and Public Company Results.
(3:44) 1/ On Technology Oversight: "We are seeing boards go after technology, not necessarily expertise, but experience."
(11:16) 2/ On CEO Succession Planning. "Succession is always a challenge at companies, especially with founder CEOs."
(14:37) 3/ On Board Leadership Succession Planning. "Governance is more art than science, it depends on the board."
(20:26) 4/ On Board Reporting. Reference to paper on Netflix Governance by Larcker and Tayan (2018).
(23:43) NACD's BRC Report on Culture as the Foundation. *Reference to episode with Sonita Lontoh (June 2024).
(25:23) NACD's BRC Report on Technology Oversight. *Reference to episode with Nora Denzel (Oct 2022).
(32:12) On Cybersecurity concerns for boards and directors.
(33:56) On AI concerns for boards and directors.
(35:27) On trend of alternative corporate structures used by new AI companies including public benefit corporations.
(41:41) On the upcoming NACD Directors Summit Oct 6-9, 2024, in Washington, DC. *My reference to keynoting the 25th IBGC Summit in Brazil.
(46:35) On geopolitics and the increasing politicization of the boardroom.
Peter Gleason has been the CEO of NACD since 2017.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:03) About the podcast sponsor: The American College of Governance Counsel.
(1:50) Start of interview.
(2:24) Cedric's origin story.
(4:30) U.S. talent management insights (cultural differences with other countries): current merit.
(6:00) On his management career with HP, Visa, and Syncada from Visa (a joint venture between Visa and U.S. Bank).
(8:13) His transition to Taulia, a venture-backed company, in 2013.
(11:04) On managing board dynamics as CEO and Chair of Taulia as a venture-backed company. *Reference to VC-Backed Board Academy (VCBA) on Oct 29, 2024 at Nasdaq in NYC.
(15:20) The role of the Chair, and challenges of managing a large board, even when the business is thriving. "[It is] important to have a couple of directors that can anchor the entire group in addition to the chairman or the CEO."
(17:32) The exit strategy behind the acquisition of Taulia by SAP in 2022 and the business of Taulia and Supply Chain Management. "[I]t's all about free cash flows and moving liquidity across the economy." "Cultural fit is one of the number one success indicators of an M&A transaction." "I think someone will write a book at some point about this M&A transaction because it has been successful on all fronts." "Taulia is managed independently and autonomously, which is not maybe a standard setup."
(23:28) On transitioning from a VC-backed board to a board of a fully-owned subsidiary of SAP. Going from private to public: "[T]he first advantage is that we don't have to do capital raise anymore if we wanted to invest in some areas. If we need some capital, we have access to a line of credit that SAP can provide." "If I was spending 20% of my time on investors, capital raise, and so forth in the the past. Now I spend 20% with SAP executives, regional presidents, to make sure that we can sell Taulia to as many clients as possible."
(28:56) Decision-making on exit strategies for Taulia (and in general): i.e. IPOs, SPACs, M&A, and PE.
(33:50) The impact of AI in business.
(37:14) On managing geopolitical risks. "Two angles: 1) customers, and 2) compliance, law, and governance."
(40:53) On the current economic landscape. "The number of M&A transactions is actually picking up, especially with companies that have a good bottom line." "I think that the best companies have built agility in their financial architecture to really adjust their business profile based on what the market can cope with."
(44:48) On director education for board members, particularly venture-backed companies. "I would encourage VCs to recommend [not mandate] their [portfolio] CEOs to go through a training about governance, how to manage a board, how to make the board evolve, how to recruit board members, how to interview board members."
(45:39) Books that have greatly influenced his life:
Tribal Leadership, by Dave Logan, John King, Halee Fischer-Wright (2008)Good to Great, by Jim Collins (2001)Sports magazines and newspapers(46:13) His mentors.
(47:37) Quotes that he thinks of often or lives her life by.
(50:15) An unusual habit or absurd thing that he loves: cold plunges.
(53:13) The person he most admires.
Cedric Bru is CEO of Taulia, a fintech provider of working capital management solutions. In March of 2022, Taulia became part of SAP. Before Taulia, Cedric served as Global Head of Sales, Marketing, and Business Development at Syncada from Visa. Cedric has over two decades of experience in financial services and software industries, including positions at Visa and Hewlett-Packard.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:03) About the podcast sponsor: The American College of Governance Counsel.
(1:50) Start of interview. *Reference to E137 with Coco Brown (CEO of Athena Alliance).
(2:47) Yvonne's origin story.
(5:49) Her executive career starting with Accenture, and later with VMware, New Relic, and CEO of Airware and Puppet.
(9:03) On her board journey. Distinctions between private and public company service. Plus non-profits.
(17:43) Explaining board composition and dynamics in VC-backed companies.
(23:23) Explaining board composition and dynamics in PE-backed companies. "It's much more straightforward, structured, and contained."
(27:39) On the 'Stay Private vs Go Public' debate and other considerations on private markets.
(34:29) On the AI boom and how to think about it from a board's perspective: "how do you experiment and lean in without committing?"
(39:06) On the increasing relevance of cybersecurity in the age of digitization. "Cyber attacks are like earthquakes in California. They're going to happen."
(42:33) On geopolitics and the boardroom. "How you think about it really depends on what type of company you're in, how big it is, and what you're trying to achieve."
(45:40) How to think about the ESG landscape.
(49:56) Podcasts that she regularly listens to:
Boardroom Governance with Evan Epstein :)The Economist PodcastsGrit Podcast with Joubin MirzadeganAcquired Podcast(52:03) Her mentors and sponsors.
Carl Eschenbach John Chambers(54:44) Quotes that she thinks of often or lives her life by: "Be the change you want to see in the world" by Mahatma Gandhi,
(55:15) An unusual habit or absurd thing that she loves: misting plants.
(56:35) The living person she most admires: MacKenzie Scott.
Yvonne Wassenaar is a seasoned Silicon Valley C-level executive and board member with experience across public, private equity-backed, and venture-backed companies. She currently serves on the boards of Forrester, Rubrik, Arista Networks, JFrog, Alation, Braze, and InfoBlox. She also serves on the boards of Harvey Mudd College and UCLA Anderson's Easton Technology Management Center.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:15) About the podcast sponsor: The American College of Governance Counsel.
(2:02) Start of interview.
(2:49) Javier's origin story.
(4:31) The blurring lines between VC and PE. Cross-over investors, growth equity investors, and other "alternative" financing.
(9:01) On the capital formation cycle. Impact of interest-rates in capital allocation. The VC power law. New VC vehicles.
(16:00) On the rise of cross-over investors ("starting somewhere between 2013 and 2016: rise of strategic capital")
(19:34) On the rise of AI (boom and bubble): 1) algorithmic capability, 2) computing power, and 3) availability of data.
(23:06) The cases of Nvidia and Google. The analogy to the 1990s (investing in infrastructure) and increasing antitrust scrutiny.
(28:43) Explaining role and function of the Small Business Administration (SBA). SBIC, and SBIR & STTR. Industrial Policy and impact of geopolitics (ie. China).
(40:47) On his board journey and role of corporate directors.
(43:36) On "shareholder push and pull": role of institutional investors and "passive" investors. *Reference to E118 with Professor John Coates on The Problem of Twelve.
(50:18) His take on boardroom diversity. *Reference to the Latino Corporate Director Association (LCDA).
(55:06) On his podcast Top of the Game.
(56:30) Books that have greatly influenced his life:
The Road Less Traveled, by M. Scott Peck (1978)Guns, Germs, and Steel by Jared Diamond (1997)The Wealth of Nations, by Adam Smith (1776)The Founding Fathers, by K.M. Kostyal (2012)(56:49) His mentors.
(57:42) Quotes that he thinks of often or lives her life by: "Deal with it"
(57:53) An unusual habit or absurd thing that he loves.
(58:11) The living person he most admires.
Javier Saade is Managing Partner of Impact Master Holdings, Venture Partner at Fenway Summer, Operating Partner at Presidio Investors, Chairman of the Board at GP Funding, Inc., Board Member of VCheck and Global Tech Acquisition Corp. (NASDAQ: GTAC), CNBC Contributor, Executive Fellow at Harvard Business School, and host of the podcast Top of the Game.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:10) About the podcast sponsor: The American College of Governance Counsel.
(1:57) Start of interview.
(2:30) Carol's origin story.
(4:34) Evolution of corporate governance in Canada since the late 1980s.
(5:51) The origin and focus of her firm Hansell McLaughlin Advisory Group, based in Canada.
(10:13) On her personal board career and the benefits of lawyers serving on boards.
(14:20) Best practices for board evaluations and distinctions between board education in Canada and the U.S.
(18:57) The rise and influence of large institutional investors in corporate governance.
(22:00) Shareholder activism in Canada.
(24:25) On the state of ESG in Canada.
(30:03) On addressing board diversity.
(37:01) Impact of geopolitics and national security in the boardroom.
(39:45) Impact of AI in the boardroom. "It's top of mind for everybody."
(41:29) Impact of cybersecurity and talent management in the boardroom. Oil and gas directors in boards of banks?
(44:01) Books that have greatly influenced her life: biographies (people that have stood up to authority).
(44:48) Her mentors.
(45:50) Quotes that she thinks of often or lives her life by: "A man's reach must exceed his grasp, or what's the heaven for?"
(46:29) An unusual habit or absurd thing that she loves.
(47:00) The living person she most admires.
(48:20) The challenge in advising corporate governance: "everyone thinks they're an expert now." Plus, recognition of conflicts of interest.
Carol Hansell is a Senior Partner at Hansell LLP and a member of the Hansell McLaughlin Advisory Group in Canada.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:20) About the podcast sponsor: The American College of Governance Counsel.
(2:07) Start of interview.
(2:58) Oliver's origin story.
(7:00) His experience in private equity with PE-backed boards.
(9:57) About the mission and focus of Nurole, the UK-based board search firm where he serves as CEO.
(12:27) On Nurole's network of 65,000+ board leaders (two parts: free and paid offerings).
(20:16) Demystifying the board search process, four key stages:
Briefing stageSourcing processAssessment phaseOnboarding (ongoing support)(25:19) From a board candidate perspective.
(28:14) On board evaluations.
(32:44) Common characteristics of directors in board placements (they place ~1,000 directors per year).
(33:50) On board culture and values of directors.
(37:00) On specialized directors.
(43:16) Differences between UK and US boards.
Role of the ChairBoard searchBoard compensationLitigation Risk(48:35) Other board issues to consider: 1) are boards generating value, and 2) revisiting board education.
(52:48) About his podcast Enter the Boardroom.
(55:15) His favorite episodes: Roger Martin, Baroness Helena Morrissey and Sir Richard Dearlove.
(59:20) Books that have greatly influenced his life:
The Aeneid, by Virgil (19 BC)Mindset, by Carol Dweck (2006)How Will You Measure Your Life, by Clay Christensen (2012)(01:00:30) His mentors.
(01:02:13) Quotes that he thinks of often or lives his life by.
(01:03:16) An unusual habit or absurd thing that he loves: the Eglu chicken coop.
(01:04:45) The living person he most admires.
Oliver Cummings is the CEO of Nurole, a UK-based board search firm with 65,000+ members globally and about 1,000 board placements per year. He's also the host of the Enter the Boardroom Podcast.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:05) About the podcast sponsor: The American College of Governance Counsel.
(1:52) Start of interview.
(2:28) Thompson's origin story.
(3:42) His startup work at Quizlet (joined a 5 person team) and Stripe (from 2k to 8k employees). Joined Anthropic in early 2023.
(6:25) On China-US relations, and the course he teaches at Vanderbilt Law School: Emerging Technologies, Law, and U.S.-China Competition.
(11:04) On startup incorporations, Delaware, and other thoughts for entrepreneurs. Reference to Stripe Atlas.
(14:18) Unveiling the AI investment landscape. Increase in capital and talent in AI technologies. "Companies at the frontier of building LLMs: Anthropic, OpenAI, Alphabet and Meta."
(19:15) On the international AI landscape. China wanting to overcome its "century of humiliation."
(21:55) Origin story and mission of Anthropic. The eight founders left OpenAI in 2021. Claude 3.5 Sonnet.
(26:14) Anthropic's Public Benefit Corporation (PBC) and Long Term Benefit Trust (LTBT) model.
(29:24) How to think about AI and its paradigm shift for corporate directors.
(31:05) Claude products for consumers and enterprise.
(33:36) On the future of work with impact of AI.
(35:17) San Francisco's evolving role as a global tech hub.
(37:37) Is AI overhyped or underhyped? "The impact of AI will be somewhere between the internet platform shift to the next industrial revolution (...) and if the next internet is kind of the lower bound of the impact AI will have on society and the economy and technology more broadly, then that's a pretty significant impact."
(40:05) On the "stay private vs go public" debate.
(42:48) More thoughts for directors on AI. Prof Ethan Mollick: "The AI you're using today is the worst AI you will ever use."
(43:48) Books that have greatly influenced his life:
The Children, by David Halberstam (1998)Oracle Bones by Peter Hessler (2006)All Quiet on the Western Front by Erich Maria Remarque (1929)(46:42) His mentors. Chris Klein and Dan Crittenbrink (State Department). Chip Blacker (Stanford).
(47:53) Quotes that he thinks of often or lives his life by.
(48:40) An unusual habit or absurd thing that he loves: Antique maps and running everyday.
(50:28) The living person he most admires.
Thompson Paine is the head of business operations at Anthropic, one of the leading AI companies in San Francisco.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro
(1:20) About the podcast sponsor: The American College of Governance Counsel.
(2:06) Start of interview.
(2:37) Natasha's "origin story."
(6:25) On the risks and opportunities for AI.
(8:39) On the regulatory landscape of AI in the US. Reference to President Biden's Executive Order.
(11:40) On California's regulation of AI (SB 1047).
(15:24) On the international AI regulatory landscape, including the EU AI legislation.
(20:35) On the state of startups and venture capital in Silicon Valley.
(25:34) On the 'stay private or go public' debate.
(28:50) On the increased antitrust scrutiny by the FTC and DOJ, particularly in tech industry.
(30:08) On the increased national security scrutiny via CFIUS reviews. The new geopolitics of dealmaking.
(35:46) On the increased politicization of the boardroom, including ESG and DEI.
(38:32) On boardroom diversity and challenges to SB-826 and AB-979 (California), and Nasdaq's Diversity Rule.
(42:20) Books that have greatly influenced her life:
To Kill a Mockingbird, by Harper Lee (1960)The Handmaid's Tale, by Margaret Altwood (1985)Animal Farm, by George Orwell (1945)(42:57) Her mentors.
(43:49) Quotes that she thinks of often or lives her life by: "Don't Self-Select."
(51:17) An unusual habit or absurd thing that he loves.
(44:17) The living person that she most admires. One of them is Michelle Obama.
Natasha Allen is a partner at Foley & Lardner in Silicon Valley, serving as Co-Chair for Artificial Intelligence, Co-Chair of the Venture Capital Committee, and a member of the Venture Capital, M&A, and Transactions Practices.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro
(1:06) About the podcast sponsor: The American College of Governance Counsel.
(1:53) Start of interview.
(2:37) Tyler's "origin story."
(4:50) His beginnings at Theranos.
(7:07) On the culture of the Theranos, "the company was extremely secretive and paranoid."
(9:41) On the lack of equity compensation for Theranos employees.
(10:32) On Theranos' board of directors.
(16:50) Some of the prominent investors in Theranos, and lack of due diligence.
(19:24) On Elizabeth Holmes and Sunny Balwani fraud convictions, FOMO, and value of credibility from early backers (e.g. Channing Robertson, Don Lucas, George Shultz, etc).
(23:57) How Tyler became a whisteblower at Theranos. His contact with John Carreyrou, at the time a WSJ reporter.
(26:57) On his legal challenges (and high fees) as a whistleblower. George Shultz (his grandfather) would tell him: "I'm 90 years old. I ended the Cold War. I fought in a world war. I've seen a lot of things in my life. I've seldom been wrong. And I know what I'm looking at. And I know I'm right about this."
(30:24) On the SEC's whisteblower program and his personal experience with this process. *Reference to E130 with Mary Inman (his Whistleblower attorney).
(34:58) On the NDA and confidentiality agreements, "fraud is not a trade secret."
(37:56) Why Elizabeth Holmes wanted Theranos to remain private and never go public.
(39:04) Stanford's problematic connection to frauds. See: "What's the Matter with Stanford?"
(42:14) The role of executive and board compensation in startups.
(46:20) Book that he recommends reading: Salt in My Soul by Mallory Smith (2019).
(48:00) His mentors: George Shultz (his grandfather) and J. Leighton Read.
(50:01) Quotes that he thinks of often or lives his life by: "You Get What You Screen For"
(51:17) An unusual habit or absurd thing that he loves.
(52:53) The living person that he most admires: Dr Anthony Fauci.
"I often think back to a famous quote about character, which is, character is what you do when nobody's watching. And I actually think that the opposite is true. I think character is what you do when everyone's watching. And I experienced that."
(53:57) His current endeavors.
Tyler Shultz is a former Theranos employee who became a key whistleblower, exposing the company's fraudulent practices. As the grandson of former Secretary of State George Shultz, who was on Theranos' board, Tyler's decision to speak out carried significant personal and professional risks.
You can find out more about Tyler at his website: https://www.tyler-shultz.com/
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:39) About the podcast sponsor: The American College of Governance Counsel.
(2:25) Start of interview. Reference to E21 with Ilya Strebulaev from October 2020.
(4:01) On why he wrote his book The Venture Mindset: for decision makers in large organizations.
(5:37) About the first principle: Home Runs Matter, Strikeouts Don’t. Make small bets vs fear of failure.
(7:23) Two types of innovation: incremental (step by step) vs. disruptive innovation.
(13:32) The unique role that independent directors can play in innovation.
(18:20) On corporate unicorns and intrapreneurs.
(20:11) On errors of omission and building anti-portfolios.
(24:01) Promoting the venture mindset for large companies to be more innovative and become more like Silicon Valley.
(28:29) Red flags in decision-making ("why should I not invest?"), and the example of Theranos. Examples from Shark Tank.
(34:00) On Yuri Milner's investment in Facebook (2009) and investing without taking a board seat (informal controls and indirect influence).
(38:30) Formal vs informal control rights in corporate governance.
(44:13) Stay private vs go public debate. On "quasi-public" companies.
(49:11) On the pressures to go public for VCs and employees, and the evolution of secondary markets.
(52:20) On the principle (#5) to Bet on the Jockey (put people above process).
(53:22) On the principle (#7) to Double Down or Quit (allow flexibility, and phenomenon of escalation of commitment).
Ilya Strebulaev is a Professor at the Stanford Graduate School of Business and is an expert in corporate finance, venture capital and private equity, corporate innovation, innovation ecosystems, and financial decision-making. His recent work has examined the valuation of VC-backed companies, decision making by venture capital and private equity investors, corporate venture capital, and impact of venture capital.
You can follow Ilya on social media at:
Twitter: @IlyaStrebulaev
LinkedIn: https://www.linkedin.com/in/ilyavcandpe/
Venture Mindset Website: https://thevcmindset.com/
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:19) About the podcast sponsor: The American College of Governance Counsel.
(2:05) Start of interview.
(2:58) Greg's "origin story."
(5:31) His teaching focus.
(8:04) Discussion on startups and venture capital and the era of AI. Behavioral finance and bubbles.
(11:17) Bubbles in private (VC and PE) and public markets.
(15:12) Staying private vs going public fundamentals.
(20:05) The role of governance and advice from directors to CEOs.
(22:43) On growth of private equity.
(28:00) On the rise and importance of AI. Analogy to electricity. *Reference to Paul David's research.
(29:31) On Elon Musk's compensation litigation and the recent Tesla stockholder comp ratification.
(36:13) On the role of directors. "It's really hard to be a good board member." "[Directors] better darn well get comfortable with asking not only tough questions, but dumb questions."
(40:32) On Texas and Delaware's corporate law competition.
(42:04) On the politicization of the boardroom (i.e. ESG) and geopolitics involving China.
(48:11) Books that he recommends reading: The History of English Law Before the Time of Edward I by Pollock and Maitland (1895).
(48:57) His mentors in the area of law.
(50:47) Quotes that he thinks of often or lives his life by.
(51:57) An unusual habit or absurd thing that he loves.
(54:16) About his podcast Unsiloed.
Greg LaBlanc is a Lecturer and Distinguished Teaching Fellow at Berkeley, Stanford, HEC Paris and other prestigious institutions. Greg teaches a wide range of subjects, including finance, strategy, law, innovation, data science, and digital transformation. He is also the host of the podcast Unsiloed.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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(0:00) Intro.
(1:21) About the podcast sponsor: The American College of Governance Counsel.
(2:08) Start of interview.
(2:41) Jennifer's "origin story."
(3:41) Founding a non-profit at the start of her career: Breakthrough Pittsburgh.
(4:15) The start of her tech career with Yahoo!
(7:12) Her roles post Yahoo!: founding and selling The Dealmap to Google.
(9:20) Her transition and tenure as president & COO of Change.org (scaling from 18 million to 200 million users). About her Motivational Pie Chart.
(11:07) About Change.org (a social impact campaigning platform) and non-profit and PBC corporate structures.
(14:18) Her time at Facebook (now Meta), leading the Facebook Groups product.
(16:00) About Rising Team, the company she founded and where she currently serves as CEO.
(22:10) On her board journey, and distinctions among different types of companies: non-profits, startups (Little Passports), public companies (Move, TEGNA & WeightWatchers) and VC/PE backed companies. "The truth is to join a public board, somebody needs to take a bet on you if you've never been on a public board."
(32:19) On serving in a VC/PE backed company as a lead independent director and comp committee Chair (Arcadia). On board observer roles. Setting board norms.
(36:55) On the benefit of boardroom diversity.
(39:17) On dealing with the politicization of the boardroom, including DEI and ESG matters.
(42:06) On the benefits of teaching (at Stanford GSB) for her CEO and board roles .
(39:17) On dealing with the politicization of the boardroom, including DEI and ESG matters.
(44:15) Three things top of mind on boardroom matters: 1) Setting up boards for success (norms, board evaluations, etc), 2) Keeping up with new technologies, and 3) Crisis scenario planning.
(49:00) Books that have greatly influenced her life:
Gung Ho, by Ken Blanchard and Sheldon Bowles (1997)The Overstory, by Richard Powers (2018)(51:14) Her mentors.*Reference to her LinkedIn Post: 5 Mentor Archetypes.
(51:57) Quotes that she thinks of often or lives her life by.
(53:15) About her book: Purposeful: Are you a Manager or a Movement Starter? (2018) The 3 Cs: 1) courage, 2) community, and 3) commitment.
(54:40) An unusual habit or absurd thing that she loves.
(56:00) The living person she most admires: Simone Biles.
Jennifer Dulski is a Silicon Valley based executive and board member. She is currently CEO and founder of Rising Team, a company that provides tools, data, and community to turn managers into amazing coaches that build happier and more successful teams.
You can follow Evan on social media at:
X: @evanepstein
LinkedIn: https://www.linkedin.com/in/epsteinevan/
Substack: https://evanepstein.substack.com/
__
To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/
__
Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
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