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    Reading, to refuel the heart and soul

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    The end of 2025 is nigh, which means that time of the year when many folk take stock and ponder the future is upon us. Some people use the time to scrutinise the year past closely and make resolutions, some pause and ponder, and others hardly blink. While the idea of New Year resolutions leaves me cold, I do think about my quest to become a better person. And, with it, I usually select a few books to read during the year ahead. For me, reading—typically, long-form books (hard copy, not on-screen)—is a valuable means of relaxing, reflecting, refuelling, and exercising my cognition. If the insights gained are useful in my work-life as well, that is a bonus. 
    This year, I have selected six books from my shelf, to tackle alongside a slow-reading project:
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    My slow-reading project? Tolstoy's War and Peace. I intend to read one chapter a day, for 366 days.
    If you read, would you mind sharing what you have ahead of you, to inform my future choices?
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    Gratitude matters, more than most of us realise

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    Today, Friday 19 December 2025, is—unless an unexpected call or email arrives—my last full work-day for 2025. So, with that, a few thanks are in order.
    Throughout 2025, I have had the good fortune to meet many people, on five continents—some well-known, others less so. And in so doing, I have listened, learned, been inspired by stories told, asked questions, and, I hope, become more well informed. Thank you for investing your energy in me.
    The pictures below provide a glimpse into the places, people and interactions I have been privileged to experience in 2025. Many other interactions took place too, but they were private and cannot be shared.
    Now, and for the next couple of weeks, I shall turn my mind to reading(*) and relaxing, family, and tending my vegetable garden. 
    (*) Watch for a separate muse, to be posted on Monday 22 December, which will include the titles of the books I intend to read over the Christmas and summer break, and into 2026.
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    Vilnius, Lithuania
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    London, UK; Port of Spain, Trinidad and Tobago; Tauranga, New Zealand—from home office (!)
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    Singapore, Singapore
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    Tauranga, New Zealand
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    New York, United States of America
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    Cape Town, South Africa
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    Singapore, Singapore
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    Auckland, New Zealand
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    Singapore, Singapore
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    Johannesburg, South Africa
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    Boston, United States of America
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    What if a board chair was an animal?

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    “If a high-performing board chair was an animal, what animal would it be?”
    This was the opening question to panelists at a High Performing Chair conversation hosted by the Institute of Directors in Tauranga last evening. I had the privilege of serving on the panel alongside Debbie Ireland and Nathan Flowerday to offer some comments about our experiences chairing the boards of large, medium and smaller organisations. 
    The opening question set the tone for what followed, for it got those in attendance thinking, about the capabilities and attributes of an effective chair, and what distinguishes a good chair from a great one. ​The responses from the panelists were instructive; three different perspectives drawing out critical attributes common amongst highly-effective chairs:
    • Wolf: sometimes out the front, sometimes amongst, and sometimes leading from the rear.
    • Kea: naturally inquisitive, tenacious, asking questions
    • Lion: power by presence, overseeing, exercising strength when needed
    Panelists went on to respond to a wide range of questions from both the moderator and the floor, covering such matters as meeting management, chair–chief executive relations, communications, tenure, balancing priorities, handling crises, continuing development, and strategic decision-making. 
    Thanks to Brian Staunton, for your expert moderation of the panel, and the Institute, for hosting the conversation. ​I came away more well-informed than before, and hope those in attendance did too.
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    On high-performing boards: unlocking potential

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    Have you ever stopped to wonder why so many companies fail to realise the potential they aspire to?
    When I speak with directors, the desire to operate at high levels of performance is palpable. In my experience, most say they aspire to have a great impact. But when one looks more closely, a great many boards struggle to break the shackles of average: they are constrained by confusion over the role of the board, impaired by dysfunction within the boardroom, and/or expectations are misaligned.
    A recent survey (conducted by PwC) highlights the characteristics of high-performing boards:
    • strong and effective leadership from the chair
    • strategic vision and focus
    • proactive engagement
    • culture of trust and collaboration
    • pragmatism and responsiveness
    • focus on high-performance [mindset and teamwork]
    • awareness of stakeholder expectations
    • cool in a crisis
    This is quite a list! Yes, it is. But most of these characteristics are consistent with the findings from ground-breaking board research conducted over a decade ago. That research concluded that if the board is to have any impact beyond the boardroom (especially on firm performance), three things matter: 
    • capability (what directors 'bring')
    • activity (what the board does)
    • behaviour (how directors act and interact)
    Board structure and composition is relatively less important, to the point of being insignificant. This finding (now known as the Strategic Governance Framework, see this article for a summary) emerged from a peer-reviewed long-term observation study of boards going about their work—one of a small handful conducted to date. As with studies conducted by the late Jane Goodall, my study sought to get as close as possible to the subject of interest (the board) to observe them in their 'native' habitat. That meant direct observations, for the board only exists when the directors meet.
    Since that time, the Strategic Governance Framework has shown itself to be a useful mechanism to help ambitious boards move beyond orthodoxy and box-ticking, to realise organisational potential. But the embrace of such a mechanism is not without its challenges: it means stepping away from the perceived safety of 'best practice' recommendations—a daunting prospect of some. 
    Ultimately, boards must decide: is compliance with contemporary recommendations, codes and regulations sufficient to discharge duties owed, or is more required? For those who decide more is required, the Strategic Governance Framework ​may be worthy of consideration.
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    Navigating fog: The board as your compass

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    I had the very good fortune to be in Boston recently, a brief visit to respond to a couple of enquiries ahead of the main reason for visiting the US East Coast, which was a keynote contribution at the International Corporate Governance Network annual conference in New York. When told Thomas Doorley III, the founder and now emeritus chair of Sage Partners, of my travels, he was quick to suggest we should meet up.
    Tom is a generous man. We have known each other for nigh on a decade now. I always come away from our conversations feeling enriched having sat with him and listened. So, when he spoke of his new project, a podcast series entitled, "Navigating the fog of change", and asked if I would sit with him, an affirmative response came easily.
    Our conversation, which explored the role of boards in times of great change, including the critical 'compass' role, is now available on the Sage Partners' YouTube channel.
    I'd be gratified if you would listen in. It'll cost you 29 minutes, that's all! And, once you've listened, if you have questions or comments, please feel free to reply below, or get in touch with Tom or me. ​
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    Netflix: What went wrong?

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    Over the years since it was founded by Marc Randolph and Reed Hastings (in 1997), Netflix has been at the forefront of entertainment and innovation. Initially a rental service, the company introduced a streaming option in 2007 and, as they say, the rest is history.
    The company has also garnered attention for its innovative approach to corporate governance—one based on proximity more so than distance. I wrote about it several years ago. The approach, founded on governance by walking about and pragmatic reports, ensured directors were adequately informed to make smart decisions. 
    But that was then. Now, eight years on, things have changed somewhat.
    Jay Hoag, a venture capital investor, was voted off the board recently, after pressure was applied by Institutional Shareholder Services, a data analytics and proxy advisory firm. It turns out Hoag missed three quarters of the board and committee meetings he should have attended. Given the Netflix board usually meets quarterly, it follows that Hoag attended once per year. Quite how anyone can contribute well if they don't attend meetings, is beyond comprehension. 
    That shareholders have taken a stand on the matter is laudable. Well done ISS, for bringing Hoag's absenteeism to the attention of shareholders. But other questions remain:
    • What confidence can shareholders have if the board only meets quarterly, and in directors who  seemingly turn a blind eye to chronically absent colleagues?
    • What of accountability and board effectiveness? When was the last board/governance assessment completed, and was it any more than a cursory exercise?​​​
    If boards are to have any hope of governing with impact, all of the directors need to be appropriately engaged (capable and​ present). Ideally, the board should adopt a robust governance framework too, to expedite effective steerage and guidance. How does your board stack up in this regard?