Executive Session: The Directors & Boards Podcast Executive Session, Episode 25: Andrew Shapiro, Marissa Andrada, Odette Bolano and Lisa Grow
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Sep 2, 2025 In this discussion, Andrew Shapiro, founder of Lawndale Capital Advisors, shares insights on shareholder activism and its impact on corporate governance. Marissa Andrada emphasizes the role of board culture in driving a company's success, using real-world examples. Odette Bolano and Lisa Grow dive into effective board-management relationships, stressing transparency and communication as keys to success. They also touch on the unique challenges in the electric utility sector, advocating for robust investor engagement and a proactive governance mindset.
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Activism Is A Revealing Stress Test
- Being targeted by an activist is disruptive, revealing, and often preceded by warning signs.
- Boards can turn such moments into clarity by focusing on constructive engagement and credibility.
Proactively Vaccinate Against Activists
- Own shareholder engagement and meet investors directly throughout the year, not just through management.
- Regularly review capital allocation and refresh board composition to reduce activist appeal.
Adopt An Activist Mentality
- Think like an activist by asking where value is created, lost, and what holds it back at every meeting.
- Simulate activist campaigns and pressure-test assumptions to build board credibility.