The Better Boards Podcast Series

Send us a textManaging an ever-growing agenda, Company Secretaries today face a plethora of issues that can pull their focus in countless directions. It's truly challenging to work effectively with the board and keep on top of the ever-changing economic, technological, and regulatory landscape. So, how can Company Secretaries maintain clarity and focus amidst their expanding responsibilities?In this podcast, Dr. Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses mastering the company secretariat with Jason Wright, Society Secretary at Nationwide. “If you do the small things perfectly, you'll be trusted to do the big things”Jason, a self-proclaimed perfectionist, believes in the power of attention to detail. He likes to have plenty of reassurance that anything he or his team is responsible for will be done and delivered as expected. To prevent surprises, especially around board meeting days, annual events, and the annual reporting, he carefully monitors moving parts and what’s going on with various projects, checking and re-checking. This meticulous approach helps him feel on top of things, and crosschecking to ensure he’s prepared helps build trust in his position. Jason believes getting the small stuff right wins trust for involvement in bigger tasks. “You have to give the impression of being the calm, serene swan on the river paddling upstream. But, below the surface, your legs are going like crazy, just to stay still sometimes" The sheer volume of materials and regulations that board secretaries manage is incredible and growing more extensive and complex. Jason likes to look ahead to the next year as he plans to help manage agendas for each board session and event. “It's a lot, a lot of preparation”Jason is very keen for his team to sit down with the agenda for each board cycle. They look for items appearing in multiple committees or multiple meeting plans to remove duplication and place things in the most effective spot for resolution. He also looks at the structure of the agenda. His current Chair wants each board meeting to have a strategic, operational, and socially minded agenda item, which gives Jason a structure and framework to work around as he builds agendas.“You need to understand the Directors, to help the Chairman help them bring the best of themselves to the meetings”To help his board work effectively, he connects with each Director, checking on their needs, seeking feedback, and listening before and after each board cycle. This creates a positive relationship and gives him a better sense of what each Director likes, dislikes, prefers and needs for the meetings.In meetings, Jason sits next to his Chair, helping flex the agenda as it flows to allow for extended discussions, faster resolutions, or other day-of changes. He keeps team members just outside the meeting to help manage board guests. “What you have to do, first of all, is prove to them that you've got something to add”Jason has worked to achieve his relationships and influence by showing that he could make a positive difference in the board's effectiveness and accomplishments. He actively looks for places where he can anticipate a need or remove a burdensome task for a Director or his Chair. The three top takeaways for effective boards are:1.      It's essential that you enjoy the role. It's a privilege to be at the table where the big calls get If you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textManaging an ever-growing agenda, boards today face a plethora of issues that can pull their focus in countless directions. How can boards maintain clarity and focus amidst their expanding scope of responsibilities, especially when it comes to the critical area of sustainability?In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner, discusses this issue with Andrew Hobbs from EY’s Center for Board Matters. Andrew is also EMEIA Public Policy leader and Chair of the Corporate Governance Working Group of the European Contact Group, Vice-Chair of the Corporate Governance Policy Group of Accountancy Europe, and the author of the annual EY EMEIA Board Priorities report.“I can confidently say GenAI is redefining business efficiencies and innovation”Andrew feels boards need to infuse their organisations with the right tech skills and foster a culture that's eager to leverage AI's full potential. Turning AI chatter into meaningful outcomes is challenging. Ensuring GenAI tools are applied within the right contexts and properly integrated with existing systems is key to adding actual value.“Boards have been spending more time on workforce-related topics for the last couple of years than they have in a long time, and they don't expect that to change anytime soon"Andrew hears fresh urgency about human capital, skill gaps, and the employee value proposition in his conversations with boards. The present situation with AI, DEI, and the global economic climate means boards are under renewed pressure to provide governance and guidance. Andrew stresses that boards must be proactive in facing the skills shortage while still emphasising DEI. “The ability to predict the future is not as good as it used to be, or at least that's the perception"While boards are used to managing risks for their organisations, Andrew feels there is more to manage – and more in flux – than in the recent past. As a result, he recommends boards lean more heavily on scenario planning and increase their monitoring of disparate world events. In this way, boards can help chart a strategic and flexible course.“Make sure you don't have all your eggs in one basket"To Andrew, it’s about boards making sure their companies have the agility and resilience to withstand economic or geopolitical shocks. He feels boards should elevate supply chain strategy to reinforce agility and resilience by embracing technology—such as AI and automation—that refines supply chain performance and drives cost efficiency. “The problem some companies have is a lack of confidence in the likely return on investment of allocating capital towards sustainable sources"Transitioning to a low-carbon economy is non-negotiable, with significant net-zero commitments from nations and corporations. Despite the inclination to prioritise short-term earnings, boards must confidently champion sustainability as a value-creating strategy, not a cost centre. The three top takeaways for effective boards are:1.      Boards need to recognise the power of generative AI in driving innovation and improving efficiencies within their organisations and establish robust governance around its use. 2.     Human capital, especially concerning DEI, is a critical strategic priority as technological advancements reshape the workforce.3.     Board members must act as catalysts for embIf you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textDiversity and inclusion are not evenly distributed throughout an organisation, and the view at the board level may not correspond with reality further down. This creates missed opportunities and prevents companies from unlocking the true potential of their talent and their organisations. Often, firms can increase productivity by doing more to be truly inclusive.In this podcast, Dr Sabine Dembkowski, Founder and Managing Director of Better Boards, discusses increasing productivity through inclusion with Belton Flournoy, Managing Director of the Technology Consulting practice at Protiviti. "When I was young, I looked up and didn't see many people like me”Belton is passionate about inclusion for two reasons. First, he feels that when you don’t see anyone like yourself, you fear society won’t allow you in certain circles. Second, he continues to see people limiting which parts of their identity they show or hide, and this holds people back from expressing their true potential. “We don't just need to focus on diversity initiatives and how they make people feel. We need to link them to the increased productivity”Belton sees an incredible opportunity to translate the existing dialogues about diversity into more meaningful conversations linked to productivity outcomes and business results.“If you haven't driven the true inclusion values through that middle layer, it won't permeate your organisation, and you might think your organisation is much more inclusion-oriented than it really is…”Many boards have done serious work on inclusion, building it into the mission, governance, and operations. Yet when you drop into the middle management layer, there’s a sharp drop-off in belief, behaviour, and execution.“The goal is to create research that helps organisations drive inclusion through evidence-based research”Belton sees many organisations dealing with inclusion and diversity by conducting surveys and reporting their interpretation of the survey results. This approach lacks rigour. This is part of why he devotes so much time to research partnerships, to help create strictly measured and robust studies that can drive change with hard evidence about what’s happening and what works.“What you need to do is realise your voice is valid from day one”Belton rejects a fixed mindset and focuses on cultivating a growth mindset. Secondly, he cultivates an internal locus of control. Rather than assigning control of his life to others or believing that an externally controlled system is responsible for his life outcomes, he frames situations in terms of what he can control and take action on.The three top takeaways from our conversation for effective boards are:1.      Create a personal board. As a senior leader, it is hard to get good feedback. So, identify three to six people to talk to about your career in a professional context between one and four times a year. This will transform how you get feedback on challenging issues and help you have a priceless sounding board.2.     Realise the voice in your head is just a voice. You don’t have to listen to it. You can ignore or challenge it, which is especially useful for overcoming negative internal narratives. 3.     Contribute to the productivity research of the future. Complete the ongoing survey on generational productivity from the LonIf you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textBoards are complex structures, and it can be overwhelming for a first-time CEO to navigate them successfully. In this episode, we dive into the experiences of a first-time CEO, discussing the challenges she encountered and the strategies she used to handle the intricacies of board dynamics. In this episode, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, speaks with Daphne Mavroudi-Chocholi about her experience working on a board for the first time.  Daphne, the Managing Director of RNIB Enterprises, brings a wealth of experience to the table but is, for the first time, a CEO. “What has surprised me the most, coming from the start-up world, is the governance” Daphne’s previous experience was in the start-up world. There is an established background in that world, and investors invest in the person and the idea. Now, she is the Managing Director operating within a highly regulated environment. She finds it constantly necessary to consider the right balance between governance, agility, nimbleness, and the ability to make decisions.“There are two places I really see value coming through. One is honesty, and the other is the idea of working with a board rather than sitting on a board” Daphne feels very lucky in her board relationships. She sees two areas where the board provides and creates particular value. First, life as a CEO can be a lonely existence. With your board, on the other hand, there’s the opportunity for honest, no-holds-barred conversations, and that space for transparency creates immense value. Secondly, by viewing the board as a partnership relationship, you gain the benefit of a critical friend.  “The most challenging part of working with a board is striking that balance between managing the board, engaging with board members, ensuring alignment, and then actually doing the day-to-day job”To Daphne, one can be pulled into board work and move away from the business. Or, one can go so deeply into the business that one forgets to update the board. “What is the shining city on the hill we’re all marching toward?”Along with an ally in the Chair, Daphne finds storytelling extremely helpful.  Storytelling helps create narrative fluency in the common culture and goals that drive the business. It can bring everyone together on the same page, build clarity on why things are being done, and drive everyone forward in the same direction. “In God we trust; all others bring data”A second thing immensely helpful to Daphne is an insistence on data. It builds credibility and helps move conversations from opinions and emotions to facts. “You might as well be honest and transparent at the beginning.”The final element for Daphne is transparency. She mentions it often because it matters on multiple levels. It builds trust. It helps us understand each other and the business. Above all, transparency helps extract maximum value from the board because when the members understand the story, data, and balance, they can understand how to bring their full range of skills and abilities forward, exponentially magnifying their impact. The three top takeaways for effective boards from our conversation are:1.      It is imperative to create narrative fluency with your board. Clearly describe the proverbial “Shining City on a Hill” as the whole organisation and the Board marching toward it.2.   If you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textWhen companies face increasing uncertainty, they need to lean in and embolden management to do what is right for the business's long-term health. Nowhere is this more pertinent than on the topic of sustainability.  In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses how board members can help make a difference with Andrew Hobbs from EY's Center for Board Matters across Europe, the Middle East, India, and Africa (EMEIA). "There's a significant strategic data and information gap at the board level"One of the big discoveries from the recent EY survey of 200 C-suite or Non-Executive Directors was the data gap. Less than 25% of the total have been identified as leaders on the sustainability and governance front. Leaders were working from a much stronger set of metrics that helped them establish links between ESG decisions and other value-creating objectives. "Metrics are key for good decision-making"Effective decision-making on capital allocations for ESG and quantifying returns on investments is impossible without good metrics. Both leaders and followers reported challenges around getting good metrics that allowed them to capture the financial implications of their decisions. It's an area of opportunity."It isn't about creating a board full of sustainability experts. It's about encouraging boards, or giving boards enough training to ask the right questions."Andrew says many boards are seeking members with sustainability skills, but that may not be the right solution to the problem. Instead, boards need training to ask better questions of themselves and management – questions that challenge short-term thinking, probe for a deeper analysis of financial impacts, and encompass more of a holistic, long-term view of what sustainability choices are going to do. "We're not saying that boards need to do the job of management" Boards need to be ready to challenge and question decisions to find meaningful solutions. If a target has been set, due to regulations or internal goals, but things are behind, how can boards create accountability and pave the way for a real change in business practices? How can boards create deeper conversations about costs, benefits, and resource allocations? "All that gathering of data and setting up the systems and controls to report is giving boards and companies insights they didn't previously have" There is a huge slew of regulations out there, which some companies view as a nuisance. However, Andrew believes that looking at this regulation as a compliance exercise is the wrong mindset and approach. Instead, boards need to look at these and say, "How can we turn this to our advantage?""Businesses need to walk the tightrope between growth and governance" Andrew feels businesses need a balanced approach to governance and growth. One example is the use of artificial intelligence (AI) to advance or monitor sustainability efforts. Boards need to look at the business opportunities it presents and the environmental impacts surrounding the use of AI.The three top takeaways for effective boards are:1.      Boards are the long-term stewards of an organisation. Boards need to be mindful of what's happening now and deal with that but also need to encourage a focus on the future.2.     Boards need to ask better questions If you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textWhat are the key differences between the U.S. and the U.K.  in their approaches to corporate governance?   How do these differences impact an independent/Non-Executive Director in their duties?In this podcast, with Susan Skerritt, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses corporate governance practices in the U.S. and U.K..  Susan was the CEO of Deutsche Bank Trust Company, Deutsche’s US commercial bank.  Since 2018, she has served on the board of financial services organisations in the US and UK. "I've been lucky to find boards that want my experience, perspective, and where I think I can add value"To Susan, the most important thing when looking at board opportunities is whether you see yourself bringing value to the organisation. She pursues global board opportunities because she's always operated in and enjoyed the global business world.Susan notes that while boards in the U.S. and the U.K. have their differences, there are also many similarities. Both operate on the Anglo-U.S. model, which differs from the German, Continental, and Japanese models. "The most important differences are the philosophical differences" For Susan, the most important difference is philosophical.   U.K. corporate governance is principles-based. There is a corporate governance code that's updated regularly, and it's applicable to companies with a premium listing on the London Stock Exchange. The code operates on a "comply or explain" basis, and that really recognises that one approach may not be appropriate for all companies. The U.S. approach is more prescriptive. There is no corporate governance code per se. Rather, publicly listed companies are subject to four areas of law and regulation: state corporate law, federal securities law, Stock Exchange listing rules, and federal and state laws related to specific industries, such as financial services. The second philosophical difference relates to whom the board is ultimately responsible. In the U.K., the duty of Directors is to shareholders and stakeholders. In the U.S., shareholders' interests tend to be the primary concern. The Business Roundtable and Association of Chief Executive Officers recommended in 2019 that the U.S. shift toward stakeholder focus, but that's still evolving. "Beside philosophical differences, there are structural differences" Susan sees several structural differences between U.S. and U.K. boards. For example, in the U.K., the Chair and CEO are more likely to be separate, with fewer than 10% of FTSE companies having a combined role. In the U.S., over 50% of S&P 500 companies have a combined CEO and Chair role. Susan finds this can lead to conflicts of interest, and prefers the U.K. model."There are also differences that impact the Directors themselves"There are also key differences beyond operational structures that impact Directors themselves. These anchor on board refreshment, compensation structures, and education for board members.The three top takeaways for effective boards from our conversation are:1.      If you have global experience that you want to deploy in your board work, consider a board in another jurisdiction. Your experience is precious if the company operates globally and most of its existing board members are from one country.2.     Corporate governance continues to evolve in every country. By having experience in multiple jurisdictions, you bring If you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textClimate change has transitioned from a distant environmental concern to a pressing business issue. The rhetoric between business and climate activists has hardened. Friends of the Earth in the Netherlands have sued Shell and are now in the process of suing ING. What should boards do? In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses the thinking behind the move to sue ING Bank and learnings for boards with Donald Pols. Donald is the Director of Friends of the Earth in the Netherlands.  “We can and will manage to address dangerous climate change if all relevant actors contribute, including the financial sector.”Donald is bringing the climate fight to boardrooms. He cites the reality of the regulatory gap as a key factor- He explains that while governments sign agreements and individual countries make pledges, large multinationals often have no one person or entity truly holding them accountable. Often, the financial sector operates in this regulatory gap, which is why he is using a lawsuit against ING to make an example as ING is one of the largest financiers of fossil fuels in the world, which gives it a unique opportunity to shape climate change impacts. “It's time to start acting on all these initiatives instead of only talking.”The first step in a democratic society is always a dialogue and a conversation, but Donald notes that conversations have happening for decades with no real progress. So, taking things to court is an intentional escalation. Donald sees going to court as part of the democratic process, which allows parties with a difference of opinion to get a judgment on those opinions. It also creates a way to close the regulatory gap. “If there's only one message I can give to your listeners, it is that climate change is not an ESG issue. It's a material issue.”Donald feels that for boards to truly take climate change seriously, they must stop treating it as a side issue. It is a material issue that is crucial for the financial continuity of a company. “What we notice in our engagement with companies on a C-level is that climate change knowledge is lacking in general.”In Donald’s view, acting on climate change starts with leadership from the top. Boards must make climate change a company-wide priority. Ideally, this will result in climate change being a fixed issue on the board agenda, whose importance influences policies not just for the firm, but also for suppliers and clients.“The boards of multinationals that I visit are concerned with achieving and measuring impact. However, the way we measure impact is fundamentally different.”As Donald sees it, most boards measure shareholder value. Firms in the activism and non-profit space, measure stakeholder value. For them, it is less about how much money is made and more about what noticeable changes are achieved and what societal support is won.The three top takeaways for effective boards from our conversation are:1.      There's a need to act to prevent dangerous climate change, and this need has become a new societal norm applicable to all corporate and financial institutions. 2.     Climate change is a material issue with fiduciary implications. Not acting in accordance with this responsibility already has and will have legal implications in the future.3.     On a more persoIf you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textThe board is a powerful asset for tech start-ups. Yet, since the interaction takes place behind closed doors, there is a lot of uncertainty about how the CEO and director dynamics play out. How open is the communication between both sides? In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses tech start-up boards with Yael Benjamin,   Founder/CEO of research firm start-up Snapshot, and Tzahi (Zack) Weisfeld, Vice-President and General Manager of Intel Ignite, Intel's accelerator program. "One of the main conclusions of the research is the focus on communication, or we'll call it the lack of communication, and transparency between tech CEOs and their directors"Yael research finds one of the biggest issues is communication. Some 61% of the CEOs say they're not fully transparent with their board. "The lack of transparency is leading to a situation where CEOs do not utilise the value of the board" Yael's research finds the lack of transparency and trust leads to extra challenges and diminishes the value board members can bring."There's a difference between first-time founders and people trying to manage or work with a board for the first time versus the more experienced founders that have a better handle on the governance of their start-up"Zack feels the experience is a large and underappreciated factor here, both on the side of CEOs and founders and also on the side of board members. "CEOs that are young and inexperienced need to get the right kind of mentorship" Zack feels it is important for young and inexperienced CEOs and founders to find advisors who can be great sounding boards and resources for managing board situations. He feels consultants are not a good choice. "A great way to help first-time or younger founders is to have an independent board member"As founders seek advisors, Yael's research shows that 60% of start-ups do not have an independent board member. "Investors overestimated the value they're providing versus what those CEOs said they're receiving" As an additional consideration when looking at investors as board members, Yael's research finds there's a large imbalance in the perceptions of the value of advice and guidance. "The reality is that VC partners are often on too many boards" Considering Yael's data and his own experience, Zack feels an issue not often talked about is that VCs and investors are on too many boards. "When we talked about selecting your advisor, your mentor, you need to select a partner that's going to invest in you"At times, the only thing a VC has to offer is their cash. This means start-ups need to look for someone else to serve in that mentoring or advising capacity very intentionally.The top takeaways from our conversation are:1.      Yael notes that a lack of transparency is going to prevent getting value from the board.2.     Zack wants to remind everyone to choose your mentors, VCs, and board members as carefully as possible – with at least as much care as you would a co-founder or spouse. 3.     Zack would also like to remind CEOs and founders that they are in control of their companies, not the boards. While boards play advisory roles, the ultimate responsibility for manaIf you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Send us a textEnvironmental risks make up half the Top 10 risks over the next ten years. Climate change remains one of the most urgent challenges confronting boards in their oversight capacity. How can boards improve their oversight of climate-related risks? And what does accounting have to do with it?In this podcast, Dr Sabine Dembkowski, Founder and Managing Director of Better Boards, discusses how boards can improve their oversight of climate-related risks with Mike Mahoney. Mike is the CEO of the E-liability Institute, a global non-profit organisation advancing accounting upgrades to drive green innovation and reduce carbon emissions. In November 2021, Professor Bob Kaplan of Harvard Business School and Professor Karthik Ramanna from the University of Oxford published a prize-winning paper, Accounting for Climate Change, which is the foundation of the E-liability concept. "Let's focus on the fact that investors say climate change poses one of the largest sources of financial risk to companies and their asset owners"Climate change has been discussed for years in the context of ESG and sustainability, but Mike says it remains a top risk for boards. Of course, risk is often the flip side of opportunity. Mike feels companies can develop and sustain advantages in how they effectively mitigate these risks or in how they help customers mitigate these risks. These are important strategic issues for management and boards alike. "As emissions continue to grow around the world, the current system simply isn't working"Mostcompanies use approaches to carbon accounting based on carbon disclosure requirements that aren't fit for purpose. To appropriately analyse and mitigate climate risk, companies need to precisely understand the carbon intensity of their operations and that of their suppliers. Instead, firms are leaning on estimates and industry averages, which can be highly inaccurate and introduce so much distortion as to render carbon disclosures useless. "There are six questions to answer about how the company and management are thinking about measurement and accounting of climate-related and emissions data"Listen to the podcast and add the questions to your repertoire."With e-liability, instead of accounting for costs, we're accounting for carbon"E-liability is an accounting algorithm that allows organisations to produce real-time accurate and auditable data on their total direct and supplier emissions and those of any of its products and services. It is a simple, open-source, free-to-use set of principles that can create an accurate and auditable total "cradle to grave" carbon footprint number. The three top takeaways from our conversation are:1.      Climate risk is financial risk, and companies and their boards should manage it as such. Climate risk can be quantified, measured, and mitigated. It can represent a strategic opportunity for competitive differentiation as long as the company's claims for differentiation can be audited and are meaningful to its customers.2.     It matters how a company does its carbon accounting. Management and the board need rigorous emissions accounting to understand and mitigate risks and seize opportunities. 3.     Everyone should learn more about how companies can improve their carbon accounting by visiting the E-Liability Institute (If you would like to become part of the Better Boards community, learn about our distinctive approach and explore opportunities to work with us or contribute to The Better Boards podcast series, get in touch at info@better-boards.com. We love to hear from you.

Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses the questions boards need to ask about AI with Professor Joe Fuller. They highlight the importance of shifting focus from efficiency to building processes for AI, demystifying AI for employees, and the competitive advantage of combining data with AI. The podcast also explores the evolving criteria for board leaders and the potential risks of AI in the wrong hands.