Episode Details

In this show Patrick Dunne joins us to discuss how Boards changed in the 80s/90s/00s as a prelude to the significant shifts in Boards happening, and needing to happen, today. As the world changes massively and as tech changes only-ever accelerate how does this change what Boards are required to do, how they do it and what kind of people you now need on Boards.

Patrick has written four books on aspects of the Board over the past 30years and in 2021 the second edition of his magnum opus (426pp): “Boards: A Practical Perspective” (Amazon.co.uk link) was released. His principal executive career was 26yrs at 3i starting in 1985 and rising to the operating committee

Patrick Chairs board consultancy Boardelta and the charities EY Foundation and ESSA – Education Sub Saharan Africa. He is a Trustee of the Chartered Management Institute, a Visiting Professor at Cranfield and the Founder of Warwick in Africa.

Topics discussed on the show include:

• a unique intro topic: “hanging out with murders and rapists in a prison”
• education around conflict-avoidance (a great training for Chairing Boards :-D)
• the importance of the mellowing of age when it comes to Boards – the move from thinking one knows it all to knowing one actually knows very little and hence listening more
• Patrick’s career
• being on the 2002 Higgs review of Boards
• training Boards
• creating ESSA – Education In Sub-Saharan Africa as well as consultancy Board Delta
• why Patrick wrote four books on Boards..
• “we are moving from a maps world to a satnav world when it comes to decision-making on Boards” … ie less ritualistic, big annual set piece, nearer-time, more engaged with data
• digital changes driving this [Patrick’s article in re on LinkedIn]
• “are Boards as data-savvy as they should be?” – interview process around Boards never includes one’s ability around data yet the information age is all about data
• running “data-savvy workshops” [Patrick’s article on data savvy Boards]
• the 1980s pre-codification Board – many more Chair/CEOs combined, NEDs put in much less time, much less data at meetings, lower level of expectations and accountability then compared to now, lack of such stark media attention
• compare length of FTSE Annual Report and Accounts now to then
• 1990s introduced a much greater focus on remuneration as a result of privatisations leading to increased public focus on executive remuneration, a greater focus on internationalisation and practices elsewhere
• “the main purpose of the modern Board is strategy, the right resources and governance; it’s not just governance”
• “…it is also to provide a balance of oversight and support”
• example of Private Equity world in focusing on the Board’s need to add-value rather than just “do governance”
• 2000s – the explosion of technology and the internet