In this episode of Behind the Numbers, we discuss strategies to prevent and tackle groupthink at board level.

By suppressing debate and disrupting effective decision-making, groupthink poses a significant governance challenge for firms. Notably, the recent scandal over fee transparency at wealth manager St James’s Place – which has set aside £426m for client refunds – has been blamed on groupthink in the boardroom.

Philippa Lamb examines ways forward with Baroness Helena Morrissey, financier and former Non-Executive Director at St James’s Place; Peter van Veen, Director of Corporate Governance and Stewardship at ICAEW; and Kevin Davidson, CEO of executive search and board advisory firm Norman Broadbent.

Links 

• Tackling groupthink – why stupid questions don’t exist: https://www.icaew.com/insights/viewpoints-on-the-news/2024/jun-2024/tackling-groupthink-why-stupid-questions-dont-exist 

Host

Philippa Lamb

Guests

• Baroness Helena Morrissey, financier
• Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW
• Kevin Davidson, CEO, Norman Broadbent

Producer

Natalie Chisholm

Episode first published: 28 June 2024
Podcast recorded: 21 June 2024