Épisodes

  • 76. Unlocking the value of Risk Governance and the DCRO Qualified Risk Director Program
    Dec 16 2024

    In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Lucie Claire Vincent, a global leader in consumer products and an independent board director, to discuss the vital role of risk governance in board effectiveness.

    Lucie Claire shares insights from her distinguished career at Fortune 100 companies, her experience as an independent director, and her work with the Directors and Chief Risk Officers Institute (DCRO).

    Lucie Claire also delves into the importance of earning the Qualified Risk Director (QRD) designation and the impact it has on boardroom discussions and decision-making. With her rich international experience and expertise in risk governance, she offers actionable insights for board members and aspiring directors on navigating the complexities of modern board oversight.

    Key Takeaways

    1. The Importance of Risk Governance in the Boardroom:
      • Lucie Claire emphasizes the board’s role in overseeing risk, particularly in a fast-changing environment where issues like AI, cybersecurity, and enterprise risk management dominate the agenda.
      • Positive risk governance can shift perspectives from mere risk avoidance to value creation.
    1. DCRO’s Educational Programs:
      • DCRO’s Certificates in Risk Governance and Cyber Risk Governance provide comprehensive, globally recognized training for directors and executives.
      • These programs combine in-depth content, business case analysis, and cohort-based learning to enhance participants' ability to manage and oversee risk effectively.
    1. Earning the Qualified Risk Director (QRD) Designation:
      • Achieving the QRD requires a rigorous self-assessment, relevant professional experience, and references, positioning individuals as experts in risk governance.
      • Lucie Claire describes the designation as akin to being a “qualified financial expert” for risk, making QRD holders valuable assets to boards.
    1. Bringing Value to the Boardroom:
      • Lucie Claire’s certification has enhanced her ability to guide discussions on innovation, stakeholder engagement, and strategic planning with a risk-positive mindset.
      • Her contributions have been particularly relevant in her role with technology and B2B organizations.
    1. Who Should Pursue Risk Governance Credentials?
      • Current and aspiring board members, as well as senior executives, can benefit from these programs to build resilience, value, and trust within their organizations.
    1. Networking and Continued Learning:
      • DCRO fosters a global community of risk professionals through events, newsletters, and case studies, providing ongoing learning opportunities for its members.

    Quotes

    "The concept of positive governance in risk-taking changes how you see risk. It’s about value creation and having a more strategic, long-term view of the business."

    "The diversity of industries, thought, and verticals in my DCRO cohort enriched the conversations. It’s fascinating to see how risks are addressed differently across sectors."

    "Most boards still place the risk component within the audit committee, but as risk becomes more complex, there’s a growing need for separate risk committees."

    Guest Bio
    Lucie Claire Vincent is an accomplished leader in global consumer products, having held senior roles at Colgate Palmolive and Philip Morris International. She serves on the board of Toluna, advises startups in consumer technology, and is an adjunct professor at NYU’s School of Professional Studies. A lifelong learner, Lucie Claire holds multiple governance certifications, including a Qualified Risk Director designation from the DCRO Institute.

    Resources and links

    • DCRO Institute: www.dcroi.org
    • Women Execs on Boards: https://weob.org
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    22 min
  • 75. Marc Schneider on Empowering Entrepreneurs and Building Mission-Driven Companies
    Dec 2 2024

    Episode Summary

    In this episode of On Boards, Joe and Raza welcome Marc Schneider, an accomplished e-commerce and fintech executive with decades of experience building and scaling mission-driven companies.

    Marc shares his entrepreneurial journey, including his tenure as co-founder and CEO of Zebit, a transformative e-commerce and fintech platform, and his current role as an Operating Venture Partner at Ulu Ventures.

    The discussion dives into governance challenges in venture-backed startups, the evolution of boards from early-stage to IPO, and how founders can effectively leverage board expertise. Marc also discusses Ulu Ventures' commitment to supporting diverse entrepreneurs and shares insights into his innovative role as an “active” board observer and mentor to founders.

    Key Topics Discussed

    1. Marc Schneider’s Career Journey

    • Background and Passion for Mission-Driven Companies: Marc’s journey began with his personal experience of financial hardship, which inspired his work at Zebit to provide credit-impaired consumers with fair access to products without interest or penalties.
    • Key Roles: From managing customer service operations at ProFlowers to leading Zulily and founding Zebit, Marc’s career has been defined by innovation and scaling impactful businesses.

    2. Zebit’s Business Model and Mission

    • Zebit’s Unique Value Proposition: Providing underserved consumers with fair, interest-free payment options for e-commerce purchases.
    • Challenges: Operating efficiently without typical revenue streams like interest or penalties, while predicting customer payment behavior with data-driven models.
    • IPO Journey: Zebit went public on the Australian Stock Exchange (ASX) to access liquidity, even though the process posed significant challenges, including valuation issues and market unfamiliarity with its business model.

    3. Board Governance in Startups

    • Evolution of Boards: Marc discusses the progression of boards through funding stages, from limited investor involvement in early rounds to more structured and diverse boards in public companies.
    • Lessons for Founders:
      • Understand the dual role of investors as board members and stakeholders.
      • Take an active role in shaping board dynamics and agendas.
      • Prioritize chemistry and diverse perspectives in board composition.

    4. Ulu Ventures and Supporting Diverse Entrepreneurs

    • Ulu Ventures’ Mission: Backing women, minority, and diverse entrepreneurial teams using decision analytics to assess investments.
    • “Active” Board Observer: Marc’s role involves mentoring founders, facilitating board discussions, and bridging gaps between management and governance.

    5. Lessons Learned and Giving Back

    • Persistence and Adaptability: Marc’s reflections on navigating challenges, from startup struggles to delisting Zebit, emphasize resilience.
    • Mentorship and Legacy: By supporting young entrepreneurs, Marc hopes to inspire a cycle of giving back within the startup ecosystem.
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    38 min
  • 74. Navigating Board Stages of Startup Boards: Insights from Chris Cuddy, Board Chair of ezCater
    Nov 17 2024
    In this episode of On Boards, Chris Cuddy, a seasoned executive and board leader with over 25 years of experience growing technology-enabled companies in both the private and public sectors shares invaluable insights into the evolution of a company’s board as it progresses through different growth stages. He discusses how the board’s role shifts over time from hands-on support to formal governance. His unique perspective is informed by his extensive career, including key roles in companies like Cheapflights, Engage, and ezCater, as well as his background in consulting, investment, and board leadership. Key Topics Discussed: Stages of Board Evolution in Startups Seed Stage: Founders are often the primary board members, with activities blurred between governance and management. Chris recalls the “early days” of ezCater, likening the stage to “two founders and a PowerPoint.” Startup Stage: Boards begin to focus on defining product-market fit and may introduce angel investors. Chris describes his hands-on involvement with ezCater at this stage, from customer calls to financial planning. Growth Stage: The board’s role formalizes with the introduction of venture capital. The addition of independent board members and committees becomes essential in order to scale. Chris shares how ezCater’s board evolved to support rapid expansion across the U.S. Maturity Stage: The board is now primarily focused on governance, with a clear distinction between board and management roles. Chris reflects on how the board transitions into “maintenance mode.” Renewal or Decline: Boards help strategize paths to either reinvigorate or prepare for acquisition. Chris recounts his experience with Engage, navigating challenges during the tech bubble burst. Key Traits of a Functional Board Selecting board members with domain expertise, cultural fit, and a shared commitment to supporting the company. Chris discusses the importance of a highly functional board in advancing a company’s mission and creating stability. The Role of the Board Chair Chris highlights the importance of the board chair as a bridge between the founders and board members, ensuring transparent communication and balanced input. He shares insights on the unusual longevity of his role as ezCater’s board chair, attributing it to his ability to adapt as the board and company evolved. Unique Challenges and Responsibilities in Early-Stage Boards Chris describes the blurred line between governance and management in the initial stages, emphasizing that board members may often act as extensions of the executive team, especially in strategic, operational, and fundraising efforts. Building the Board with Intentionality Chris emphasizes the importance of selecting investors who bring value beyond capital, often influencing the board’s dynamic and direction. Chris and Raza discuss the need for careful vetting of potential investors and board members to maintain a cohesive and effective board culture. Memorable Quotes: Chris Cuddy on the role of the board in the growth stage: "The ambition and time frames often require venture capital, but this step requires serious reflection. ‘Will this change the DNA of the company?’”Board dynamics: “A functional board isn’t just about expertise—it’s about cultural fit and motivation to support the founders and company’s best interests.”On the board chair’s responsibilities: “The chair is a bridge between board members and founders, ensuring transparent communication and insuring that everyone’s voice is heard.” Takeaways for Board Members and Founders: Understand the shifting role of the board at each company growth stage.Prioritize a balanced board composition that brings both expertise and alignment with the company’s culture.In early stages, board members often play a quasi-executive role, actively participating in operational decisions.For sustainable growth, founders and the board must align on long-term vision, values, and expectations for governance.
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    32 min
  • 73. The Evolving Role and Challenges of Board Governance with Pam Lenehan
    Nov 4 2024
    Episode Summary In this insightful episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Pam Lenehan, a seasoned board member with over 22 years of experience on public company boards. Pam offers an in-depth look at the evolving responsibilities of boards and their members, including critical areas like cybersecurity, ESG, and CEO succession. Drawing on her experience across seven public company boards, Pam discusses the increasing complexity of board roles, committee responsibilities, and the importance of a collaborative, learning-focused approach for today’s directors. Key Topics Discussed: The Expanding Role of Boards in Risk Management Pam explains how boards are increasingly required to manage a broader spectrum of risks, from cybersecurity and AI to unexpected events like pandemics. She highlights the need for board committees (audit, compensation, technology) to coordinate their oversight on key issues and work with management to stay proactive. Board Dynamics: Shifts in Meeting Structure and Time Commitments The increased reliance on digital platforms has, among other things, led to voluminous board materials, often reaching hundreds of pages. Pam shares how boards are restructuring their meetings to prioritize discussion over presentation, with a growing emphasis on pre-meeting preparation. Pam notes how the frequency of both board and committee meetings has increased, with some public company boards now often holding eight or more meetings annually. Maintaining Collegiality Amid Virtual and Shorter In-Person Meetings As more meetings shift online or the agenda is so packed it leaves little time for social interaction, the value of planned social opportunities, even brief breaks, to foster trust and rapport among board members. Pam’s insights on “planned socialization” underscore its role in facilitating effective communication and decision-making. Evolving Expertise on Boards: Moving Beyond Generalists With a growing need for specialized knowledge in finance, industry, and technology, boards are increasingly composed of directors with specific expertise. Pam shares practical advice on balancing specialized skillsets and emphasizes that most board member should still possess a solid understanding of broader governance areas, even beyond their primary expertise. The Role of the Board Chair and Lead Director Raza and Pam discuss the crucial role of the board chair in ensuring all voices are heard and the board remains aligned. With a diverse array of specialists now joining boards, the chair’s leadership is increasingly important to synthesize perspectives and guide effective discussions. The Influence of Shareholder Activism and Public Company Challenges Pam recounts her experiences with shareholder activists, noting how modern boards must be prepared to engage with sophisticated activist stakeholders. For directors, understanding activist perspectives and strategizing responses requires both diplomacy and transparency. The Time Commitment of Board Service For anyone considering board service, Pam provides a candid look at the significant time and energy required. Acknowledging that board roles demand consistent weekend reading and adaptability for unscheduled meetings, she advises prospective directors to consider the full requirements of a board commitment before joining a board. Continuous Learning and Networking for Directors Pam discusses the importance of ongoing education in governance, such as through the NACD, board excellence centers, and director forums. She advocates for cultivating networks with other directors to share experiences and insights, particularly on emerging or complex issues. Supporting Diversity and Inclusion on Boards A proponent of diverse board representation, Pam shares her efforts to mentor women preparing for board roles. She encourages both current and aspiring board members to seek education and develop networks that enhance board diversity and effectiveness.
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    27 min
  • 72. Christopher Mirabile on the many challenges of a successful startup
    Oct 2 2024
    In this episode, Christopher Mirabile, Executive Chair of Launchpad Venture Group, explores the pivotal role of boards in startup companies and discusses how boards can be both a critical support system as well as a driver of success. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes “Life is too short to suffer with the wrong people in your boardroom.” Startup Boards are different, but still vitally important “Boards have featured prominently in my entire professional life.” “When I was a consultant with the strategy group at Pricewaterhouse, ultimately our work was commissioned by boards and delivered to boards, and those board presentations when I was lucky enough to be in the room as a young person on the team were some of the most high-pressure situations that I ever was in professionally and left a real impression on me.” “When I got into the startup world, I sort of had to unlearn a certain amount of what I’d learned about boards and moved to the end of the spectrum where boards provide as much mentoring and business value as they do governance.” “Startup boards tend to be a little smaller, a little bit more nimble and often the membrane between shareholders and directors is much thinner because you often see meaningful representation direct from the shareholder base on the board.” “When you run into resistance from a founder [about a board], it's often really more of an educational journey than a negotiating journey to try to get them to understand the value of a board.” Why is a board important for a startup? Your investors want it and you're not going to be able to raise money without it and why would you reinvent the wheel when you can have people who made those mistakes before and can help you avoid wasted time and wasted resources. “A big part of what [we] do is help CEOs understand that …if you go into a relationship with your board, it's sort of like an intellectual partnership where you bring the courage to admit you don't have all the answers and you really seek to draw the wisdom out…” …If you show me a CEO that's failing, I'll show you a board that's failing to support that CEO properly … Attitude of Startup board members “I don't want to be anywhere near the blast radius of a startup that fails, so I want to make sure that this company is going to succeed…” Feedback to CEO after a Board Executive Session A great way to give feedback after an executive session is: "Hey, let's just do a little case study here. In the meeting, you said this, here's what they heard..." and then it's not an in-your-face criticism, it's just helping them understand how they're being perceived and how their choice of words and their manner of speaking and their style affects the impact of their communications…I think that can be a very effective non-confrontational way to give quick feedback to a CEO. The Independent Member of a Startup Board “What we're looking for is two things. One is the avoidance of some negatives and the other is certain positives. I'll start with the avoidance of the negatives. We don't want an inexperienced blowhard who has a lot of ego involved in telling people what to do and insisting that their advice be followed, and someone who contributes to a board meeting in a manner which sucks all the oxygen out of the room and makes it super awkward to disagree with them. We're looking for someone who has a little bit of experience, understands boards are a working thing and that startups are an imperfect science and they're not going to be a disruptive or difficult board member. That's the kind of the key negatives that we're looking to avoid. In terms of the positives, really, we want someone who understands the industry dynamics, understands the players, knows who the company and the CEO should be talking to, and has that bigger perspective, who can put the day-to-day operational challenges of the company into a broader industry context, and then ultimately make introductions when it's time to find additional investors or exit the company. So, all we need is a well-behaved genius. It's easy.” Training Board Members “Launchpad now has at least 50 portfolio companies and 40 Launchpad members are either in the boardroom as a director or an observer. That's a pretty large portfolio of board members and observers that the group is adding as human value to the companies.” Our training consists of three things. · One is expectation setting and accountability, · The second is we tend to give the newer investors in our group an opportunity to serve as an observer under an experienced board member for at least a year so they get a little bit of a sense of what it’s about. · The third piece is really traditional training and that consists of training we do before they serve on the board and then ongoing training after they've begun. The training ...
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    40 min
  • 71. Rick Williams on his new book: Create The Future!
    Sep 15 2024
    In this episode, Rick Williams, a seasoned executive, advisor, board director, prolific writer - - and the author of the new book, Create the Future, shares his journey writing the book and key leadership takeaways. Rick’s core idea in Create the Future is that leaders create the future by the decisions they make Impactful leaders believe they can create the future, and they change uncertainty into hope and possibility. Rick discusses the CTF process of making great decisions for companies and individuals including the importance of board dynamics and how to harness the collective wisdom of a diverse group to make impactful decisions. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes 1. Journey of Writing Create the Future · Initial book concept during travels in North Africa while sitting in a café in Casablanca · Wrote the book and refined it with the help of a professional editor. · It took more time than I expected to choose the right publisher, Amplify, to bring the book to market. 2. Overview of Create the Future Create the Future outlines the process and the tools successful leaders use when they must make an important decision - when they must get it right. Rick profiles the Five Step decision making process major consulting firms recommend for making important decisions and brings the tools and techniques to organizations off all sizes. Create the Future is a guidebook for leaders who want to turn their leadership team into a powerful creative engine for defining the challenge, imagining success, creating realistic options, evaluating execution barriers, and finally choosing the path forward. 3. The Five-Step Decision-Making Process “I spent quite a bit of time on how do you as a leadership team - a board of directors for example - how do you actually go about deciding what you're really going to do.” “This book outlines the five steps that we all either instinctively use, or should be using, when we have an important decision to make.” · Define the real opportunity or threat. · Identify what success looks like · Be creative about the options. · Evaluate execution barriers. · Make the final decision. 4. Factors to be Considered in Decision Making · How close do the decisions come to achieving the goals you set? · Where are they in the risk profile in terms of acceptable risk to you or unacceptable risk to you? · How do they express the values that you may have as a company owner or your board may have. 5. Examples and Applications The CTF process makes sure that everybody on the board participates in the conversation, their point of view is heard, and they hear each other talk about it. They hear each other say what they really are trying to accomplish. “We talk about success, which sounds like a simple idea, but the notion of what are we really trying to achieve is one that often we don't spend enough time on.” “Value is not created by the ideas we come up with - value is created through execution on the decisions we make.” “Often we as board members either don't have time or haven't fully thought through what are the values that we bring to the decisions we make, what are our risk preferences, and also what are the values and goals of other people on our board and how do they factor into this?” In the end, the board will make a decision, and the people who participate in this will say: “You know, I may not fully agree with where we're going to go, but my voice was heard, and I now understand what other people are trying to do and where they're coming from.” Joe: If you have the people in the room, whoever they may be board or otherwise, feeling at the end of the process like their voice has been heard, their ideas have been heard, and at least considered - - that alone is success. Links Here is the link to CTF’s website: https://rickwilliamsleadership.com/books/ Here is the link to the book on Amazon Rick’s LinkedIn Profile: www.LinkedIn.com/in/RickWilliams100 Bio Rick Williams is an experienced technology company board of directors’ member and board chair. He has chaired the board of a medical device company and a bank/VC firm. Williams is a company founder and CEO and was a management consultant advising clients in a wide variety of industries. He is an internationally published thought leader on board of directors as a value accelerator for the company. His new book, Create the Future, is a leadership guidebook for being more creative and making better decisions for your company and yourself when you must get it right. Rick is past President of the Harvard Business School Association of Boston. He was a management consultant with the global consulting firm Arthur D. Little, Inc. He is a physics graduate of the University of...
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    30 min
  • 70. Navigating Board Dynamics and Strategic Leadership with Karen Boykin-Towns
    Jun 4 2024
    With an extensive background in policy, advocacy, and corporate governance, Karen shares insights from her roles at Pfizer, iFIT Health & Fitness, and the NAACP. She recounts her journey to becoming a board member including her experiences during the IPO process at iFIT, and the challenges and triumphs of leading through turbulent times. Additionally, Karen reflects on the significance of diversity in board composition and the enduring impact of Brown v. Board of Education on the 70th anniversary of the decision. We love our listeners! Drop us a line or give us guest suggestions here. Big Ideas/Thoughts/Quotes 1. First For-Profit Board Experience: iFIT Health & Fitness Karen recounts her journey leading to joining the board of iFIT Health & Fitness, her first for profit board seat, emphasizing the importance of networking and building relationships. She shares how an unexpected opportunity arose from her connections with the Church of Latter-Day Saints and describes the rapid onboarding process and initial experiences as a new board member during a critical time for the company. "You never know who's watching, it came through a relationship." Challenges and Decisions During the IPO Process Karen provides an inside look at the fast-paced environment leading up to iFIT’s planned IPO. She discusses the board’s decision-making process in response to adverse market conditions and the strategic adjustments that were necessary. The conversation highlights the importance of having a diverse and well-composed board to navigate events that are significant & challenging for a company. "When you are preparing an S-1, you learn everything about a company very quickly." "The numbers weren't where they were projected to be at that particular time, and I'm really proud of us because it could have been easy to just buckle down and go forward, but that was not the right thing for the company." Post-IPO Attempt and Company Turnaround The discussion moves to the aftermath of the decision to not proceed with the IPO and the strategies employed to stabilize and grow iFIT Health & Fitness. "What I'm happy to say is that despite the overall industry being at a bit of a downturn, we have come through the worst of it, at least we hope we've navigated through the turmoil and are at a new era." 2. Work at Pfizer Karen reflects on her 20-year career at Pfizer, where she transitioned from government work to corporate affairs. She discusses her role as Pfizer’s first Chief Diversity Officer and the development of a global diversity and inclusion strategy. Leadership During COVID-19 Karen discusses the significant challenges and achievements of Pfizer during the COVID-19 pandemic under the leadership of Albert Bourla. Karen’s insights emphasize the critical role of strong leadership in navigating crises and driving impactful results. "I believe to my core that no one else could have gotten that company to have that level of impact in such a short period of time [during the Covid outbreak] other than Albert Bourla and the team that he leads." "Leadership matters" 3. Role with the NAACP Karen is the Vice Chair of the NAACP’s National Board of Directors and provides an overview of her role discussing the organization’s mission, structure, and its ongoing important advocacy work. She also reflects on the 70th anniversary of the Brown v. Board of Education decision and its lasting impact on education equality. The conversation underscores the importance of historical context in shaping current and future initiatives for civil rights and social justice. On recognizing the 70th anniversary of Brown v Board of Education in the Oval Office “It is a moment I will never forget and it's not just about being in the Oval Office with the President, but it was being there with these family members who had made so many sacrifices." 4. Final Thoughts and Takeaways The episode concludes with Karen’s reflections on the importance of leadership, diversity, and strategic decision-making in board roles. She shares personal insights from her career journey and offers advice for aspiring board members, emphasizing the value of passion and commitment to the mission of the organizations board members serve.
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    35 min
  • 69. The Culturally Conscious Board
    May 28 2024

    Jennifer Jukanovich, a seasoned nonprofit leader with nearly three decades of experience discusses her forthcoming book, The Culturally Conscious Board: Setting the Boardroom Table for Impact, which explores the importance of board culture in achieving organizational success. The conversation addresses a number of important aspects of board governance, including board culture and the critical role of trust and humility.

    We love our listeners! Drop us a line or give us guest suggestions here.

    Big Ideas/Thoughts/Quotes

    1. The Culturally Conscious Board

    · Two important concepts which are emphasized:

    o The significance of board culture and its impact on decision-making and governance, and the role of trust, humility, and hospitality in building an effective board culture.

    o Jennifer’s closing thoughts on the importance of strong board culture in the nonprofit sector.

    · Encouragement for boards to engage in deeper conversations and continuous improvement.

    · Introduction to the "board culture placemat" and its use in facilitating board discussion and b building a strong board culture.

    · Examples of successful practices for building and maintaining a healthy board culture.

    "Boards are assets to our society, and our hope is that our book, The Culturally Conscious Board, will contribute to that conversation." Jennifer Jukanovich

    Book Reviews

    “Sitting on a board is easy. But being a great board member is another matter entirely, especially if your organization needs change. Jukanovich and West show you how to do it with confidence and grace.”

    Arthur C. Brooks, Professor, Harvard Kennedy School and Harvard Business School, and #1 New York Times bestselling author

    “‘Culture eats strategy for breakfast,’ Drucker said, and most boards don’t explore how their culture either detracts from or advances their mission. This work invites boards to move from habits and traditions that restrict their impact toward deeper examinations to make wise changes and meet the challenges of our day.”
    Robert C. Andringa, Managing Partner, The Andringa Group, and coauthor of Nonprofit Board Answer Book

    2. Challenges and Opportunities in Board Governance

    o The importance of diverse representation and an inclusive board culture.

    o Practical advice on improving board culture, including transparency, accountability, and feedback mechanisms.

    o Addressing issues such as long-term leadership and the balance between large boards and effective decision-making.

    "Humility catalyzes greater trust, whether that is your family or that's a board."

    "Good governance creates health. Good boundaries create healthy culture."

    4. The Critical Partnership between the CEO and the board chair

    o How the board chair can help ensure all voices are heard and foster a culture of openness and respect.

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    37 min