(0:00) Intro

(1:25) About the podcast sponsor: The American College of Governance Counsel

(2:12) Start of interview

(3:01) Karen's origin story

(3:44) Early Career and Transition to Technology

(5:40) The Dot-Com Era and her time at Brobeck and later at Orrick.

(8:50) Her transition to Prosper Marketplace (Chris Larsen's company) 

(9:40) Her time at Box, Inc. and Apple *Reference to E179 with Jack Lazar

(13:14) Her journey to Venture Capital.

(14:16) Joining B Capital (in 2019) and the firm's investment focus

(16:16) The nature of B Capital's partnership with the Boston Consulting Group (BCG) 

(19:32) Governance in Early Stage Companies

(20:42) Her role as a board partner of her firm. *Reference to VCBA program

(23:22) Building Trust in Governance "It starts on day one. And that trust is just, is literally earned through every conversation, every interaction, and certainly every board meeting."

(25:41) Founder-Friendly Terms and Market Changes

(28:43) The Importance of Governance During Crisis

(31:52) CEO Succession and Leadership Transition

(37:45) Advisory Boards vs. Fiduciary Boards

(40:06) On board observers

(44:08) Board Committees and Their Evolution

(48:10) The Debate: Stay Private or Go Public

(51:37) Books that have greatly influenced her life:

1. Annie Duke's Thinking in Bets (2018)
2. Ray Dalio's Principles (2017)
3. Shoe Dog by Phil Night (2016)

(52:00) Her mentors: David Geyer (Brobeck), Aaron Levie (Box), Howard Morgan (B Capital)

(52:48) Quotes that she thinks of often or lives her life by: "never cut what you can untie". And the other is "never confuse motion with progress."

(53:03) An unusual habit or an absurd thing that she loves. 

(53:25) The people she most admires

(55:50) Diversity on Boards in Venture Capital

Karen Page is a General Partner and Board Partner at B Capital. As a Board Partner, she collaborates with portfolio company leadership, B Capital’s investment team and the firm’s network of advisors to provide best-in-class strategic guidance

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro to this episode

(1:34) About the podcast sponsor: The American College of Governance Counsel.

(2:21) Start of interview

(3:19) Joele Frank's origin story

(5:02) Anne Chapman's origin story

(8:41) The history and focus of the firm Joelle Frank (now has ~250 people, with offices in NYC and SF).

(12:46) Shareholder activism in today's market

(15:52) The Exxon Mobil activism case [see E28 with Aiesha Mastagni from CalSTRS, starting at 23:27]

(18:17) Say-on-Pay and Executive Compensation Dynamics "compensation is a real emotional topic"

(21:27) On mega grants.

(23:17) The evolution of M&A in shareholder activism

(25:44) Geopolitical Tensions in the Boardroom. Examples: US Steel (Golden share by US), MP Materials (10% equity stake).

(28:38) Evolution of ESG/DEI, including boardroom diversity.

(33:00) AI, PBCs, and Governance Challenges. Is it a bubble? Concern about ethical AI.

(38:35) Case Study: Norfolk's Proxy Fight. Digital component to increase retail component of the vote.

(44:14) How activists are proposing more qualified directors to boards (focus on individual directors post universal proxy rules).

(48:50) The Changing Landscape of Board Composition

(49:55) The Importance of Board Evaluations

(51:45) On the "stay private or go public" debate

Joele Frank is the founder and Managing Partner of Joele Frank. Anne Chapman is a Managing Director at Joele Frank.

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:24) About the podcast sponsor: The American College of Governance Counsel

(2:11) Start of interview. *Reference to E91 (April 2023) for Steven's personal/professional background. 

(2:34) The current era of corporate law.

(3:39) Transition to Substack Publishing

(6:40) The DExit Phenomenon Explained

(11:35) Understanding Delaware's SB21 and Its Implications. His article, Course Correction for Controller Shareholder Transactions.

(19:53) The impact of SB21 on shareholder inspection rights (Section 220 litigation)

(23:20) Texas and Nevada: business-friendly but different environments

(25:55) The Future of Startups and Incorporation Choices *reference to a16z's Delaware exit (July 2025)

(29:56) The Cycle of IPOs and Market Trends (stay private vs go public debate). Reference to The Eclipse of the Public Corporation (1989)

(36:47) The Rise of U.S. Government Intervention in corporate affairs (industrial policy).

(38:28) The concept of a "golden share" (in reference to US Steel situation)

(42:04) The fluctuation of politics in corporate governance and industrial policy.

(45:44) Analyzing Public Benefit Corporations in AI industry ("is it driven by economics or PR?")

(53:07) Rethinking the ESG phenomenon (political polarization)

Stephen Bainbridge is the William D. Warren Distinguished Professor of Law at UCLA School of Law

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:36) About the podcast sponsor: The American College of Governance Counsel

(2:23) Start of interview

(3:11) Brad's origin story

(4:54) Venture Capital Beginnings

(5:39) The Rise of the Internet

(8:10) His role in Softbank Technology Ventures and later Mobius Venture Capital. Reference to Heidi Roizen E6, E108 and E116

(12:26) Transition to Techstars and Foundry

(13:36) Origin and focus of his book Startup Boards. Reference to his blog post: Feld Thoughts. "Boards (and board members) for private companies operate on a bell curve" (some are excellent, some are horrific, and most are average).

(15:31) The Evolution of Founder-Friendly Terms

(30:06) Effective Board Composition

(35:00) Defining a Great Board: the Board as a Team. Reference to Matt Blumberg's Rule of 1s: see E52 (2022)

(38:05) "The goal of the board is to get different skill sets around the table" "I think a founder should fight against investors having additional observer seats."

(41:13) Why he considers it a red flag when a director claims they're acting out of "fiduciary duty." *Reference to the Startup Litigation Digest

(44:50) Governance concerns in the AI Boom

(47:37) Books that have greatly influenced his life:

1. Zen and the Art of Motorcycle Maintenance by Robert Pirsig (1974)
2. The entire pantheon of Neal Stephenson and William Gibson 
3. Science fiction written by female writers (as a category)
4. Hyperion Cantos by Dan Simmons

(50:05) His mentors: Len Fassler and his uncle, Charlie Feld.

(51:55) Quotes that he thinks of often or lives his life by: from his Dad: "If you're not standing on the edge, you're taking up too much space.", from Len: "Brad, they can't kill you and they can't eat you. Suit up."

(53:00) An unusual habit or an absurd thing that he loves. "I love philanthropically funding bathrooms." Also, the Banana Lounge at MIT.

(55:38) The living person he most admires: his wife Amy Batchelor.

Brad Feld has been an early-stage investor and entrepreneur since 1987. He co-founded two venture capital firms, Foundry Group and Mobius Venture Capital, and multiple companies, including Techstars. 

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:30) About the podcast sponsor: The American College of Governance Counsel

(2:16) Start of interview. *Reference to E181 (July 2025) for Steven's personal/professional background.

(3:14) IPOs and Market Trends. Including Klarna and Gemini.

(5:29) The Stay Private vs. Go Public Dilemma. Valuations and market health (examples of Airbnb and Figma)

(12:00) The Oracle post-earnings 36% price increase. *Reference to article by Tom Chavez: In Defense of Bubbles.

(14:14) AI, Data Centers, and Market Dynamics

(15:15) OpenAI's Future and Governance

(20:12) Power Dynamics in Big Tech companies (Mag 7).

(22:35) Tesla and Elon Musk Compensation Structure (Mega Grants)

(24:53) Boardroom Accountability in Big Tech

(28:31) Scale AI and L&A (Licensing & Acquihiring) as the new M&A

(34:34) AI startup governance (e.g. SSI and Thinking Machine Labs)

(36:41) The Role of Directors in Governance. "Theater in the boardroom?"

(39:08) Startup Fraud (Elizabeth Holmes, SBF, etc) and the Startup Litigation Digest

(40:05) Legal Accountability and Ethics 

(46:39) The Future of AI and Market Valuations in the "Agentic Economy"

(51:43) The Importance of Board Leadership

Steven Wolfe Pereira founded Alpha to solve a critical problem: most boards are governing AI transformation without the frameworks, intelligence, or peer networks they need to make sound fiduciary decisions. 

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:26) About the podcast sponsor: The American College of Governance Counsel

(2:13) Start of interview

(2:53) Teresa's origin story

(4:30) Her career path at Deloitte (37-year career)

(7:40) Transition to Board Service

(8:37) Joining the board of ServiceNow

(10:57) Joining the board of Warby Parker and understanding Public Benefit Corporations (PBCs)

(14:48) Joining the boards of Snowflake and Docusign

(15:38) Insights on Audit Committees (*reference to E179 with Jack Lazar)

(17:10) Evolving Responsibilities of Audit Committees

(21:40) The Climate and ESG Discussion

(24:15) Boardroom Diversity Trends

(26:13) The Rise of AI in Business

(30:18) Navigating Geopolitical Changes

(33:36) Handling Crisis Situations (her experience with whistleblower case and special committee with outside counsel investigation)

(37:28) Engaging with Activist Investors

(38:40) Founder Mentality vs. Governance *Reference to VC-Board Academy (on October 28, 2025 in NYC)

(42:10) The Future of Private vs. Public Companies (impact of IPOs) *Mention of CaaStle fraud case.

(45:57) The Impact of AI on Human Capital

(48:29) Work from Home Dynamics

(50:05) Book that has greatly influenced her life: Outlive, by Peter Attia (2022)

(50:50) Her mentors. Rich Fineberg

(51:51) Quotes that she thinks of often or lives his life by.

(52:24) An unusual habit or an absurd thing that she loves.

(53:11) The living person she most admires.

Teresa Briggs serves on the boards of DocuSign, ServiceNow, Snowflake and Warby Parker. She is a member of the audit committee for each company and is the audit committee chair of ServiceNow, DocuSign, and Warby Parker.

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:27) About the podcast sponsor: The American College of Governance Counsel

(2:13) Start of interview

(2:51) Jonathan's origin story

(4:23) His Journey into Governance, initially via accounting with PwC and later with Lazard.

(6:17) Types of Governance Structures

(7:51) About his firm Current Capital Partners (M&A advisory, corporate management services, and PE investing).

(8:31) The Inspiration Behind his book On Boards: The Modern Playbook for Corporate Governance.

(10:44) Interviews that Shaped the Narrative. His standout: Admiral Michael Mullen.

(13:04) Target Audience for the Book

(14:48) The importance of "boards [with a roster of] best athletes, not experts in a narrow area."

(17:04) His personal journey into boardrooms

(19:56) Experience as an Expert Witness 

(21:41) Evolution of Delaware's Corporate Law. *Reference to Moelis case and Tesla's Elon Musk CEO compensation case. 

(24:40) AI's Impact on the Boardroom. "[I]t is critical to remember that directors oversee, but management runs the company day to day."

(29:50) Navigating Geopolitical Challenges

(32:01) The Rise of Shareholder Activism

(34:29) Insights on Corporate Restructuring *Reference to E38 on the rise of bankruptcy directors with Jared Ellias (now at HLS)

(38:33) Separation of Chair and CEO is preferable

(39:00) "I think term-limits are a cop-out" there should be annual individual director evaluations.

(39:43) The Need for Corporate Director Licenses.

(41:36) Books that have greatly influenced his life:

1. On a Clear Day You Can See General Motors, by Patrick J. Wright (1979)
2. The Right Stuff, by Tom Wolfe (1979)
3. The House of Morgan, by Ron Chernow (1990)

(42:30) His mentors

(43:18) Quotes that he thinks of often or lives his life by: "You can't get a hit if you don't swing the bat" "I'm dumb enough to make a decision" 
"It's all about tomorrow" "Have fun, life is too short"

(44:24) An unusual habit or an absurd thing that he loves.

(45:31) The living person he most admires: the Pope and Lebron James.

Jonathan Foster is an experienced corporate director, investment banker, and expert witness in corporate litigation, and the author of the new book On Boards: The Modern Playbook for Corporate Governance. He has served on more than 50 boards, including Fortune 500 companies, private companies and companies involved in restructurings.

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:31) About the podcast sponsor: The American College of Governance Counsel

(2:18) Start of interview. *Reference to E36 (June 2021) for personal/professional background, and E90 (March 2023)

(3:13) Celebrating 25 Years of the Weinberg Center

(3:47) Uncovering John Weinberg's 1948 Thesis. Details for the Symposium at the Weinberg Center on Oct 9, 2025.

(6:12) The role of boards and directors from a historical perspective. *Reference to Gilson and Gordon's article on Boards 3.0.

(8:17) The contribution of the Weinbergs to corporate governance: Sydney led Goldman Sachs from 1930 to 1969,  and John led GS from 1976-1990.

(14:04) The Relevance of Historical Governance Debates. *Reference to the Startup Litigation Digest.

(16:53) Delaware's current corporate law challenges: charter competition with Nevada, Texas, and other states (and Fed Govt).

(24:35) The Impact of Delaware's SB 21 Legislation. *Reference to a16z's statement on leaving DE (and Larry's take on it). Reference to Delaware's SB 313 partially in response to the Moelis decision (on validity of stockholder agreements).

(33:10) On Delaware's DExit: "I barely see a trickle, let alone a flood."

(39:27) The Future of Delaware's Corporate Landscape

(44:17) Remembering Charlie Munger's Influence

(45:56) Warren Buffett's contribution to governance and the future of Berkshire Hathaway

(48:22) Goals for the Weinberg Center's Future

(49:55) The Evolving Role of Corporate Directors. "[B]oards of directors are here to oversee, not to be experts, to ask discerning questions, to press, to query, but not to micromanage or get in the way." "Nose in, fingers out" attributed to John Nash, founder of NACD.

Larry Cunningham is the Director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, and a leading scholar, author, and advisor on corporate governance and board matters. 

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:26) About the podcast sponsor: The American College of Governance Counsel

(2:13) Start of interview *mention of my participation in the Board Summit in Chile (Nov 2025)

(3:40) Tina's origin story

(6:19) From Germany to Latin America with Beiersdorf

(10:14) Her time with D&S and Walmart Chile 

(11:38) Her start with board memberships

(14:23) The Role of Independent Directors in Family-Owned Businesses

(19:44) Navigating Boardroom Challenges

(22:54) The Role of Pension Funds in Chile Nominating Independent Directors

(29:52) Evolving Diversity on Boards

(34:20) Teaching and Mentoring Future Leaders

(40:11) Challenges of Startups in Latin America and Chile. Tina is an angel investor focused on backing women founders.

(46:13) Importance of Board Evaluations. *Reference to HBR article: How Pioneering Boards Are Using AI

(52:42) Books that have greatly influenced her life:

1. Man's Search for Meaning, by Victor Frankl (1946)
2. Book from her father for her children

(54:22) Her mentors

(55:38) Quotes that she thinks of often or lives her life by: "Look forward"

(56:14) An unusual habit or an absurd thing that she loves.

(57:10) The living person she most admires: Female entrepreneurs. Reference to paper Don't Pitch Like a Girl

Tina Rosenfeld is a corporate director, advisor, and educator with deep experience in international governance and strategy. 

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

(0:00) Intro

(1:28) About the podcast sponsor: The American College of Governance Counsel

(2:15) Start of interview

(3:17) Steven's origin story

(7:09) The AI Market Explosion

(10:07) Introducing Alpha: the company he leads. 

(16:01) On Events and Board Forums: "There is going to be a premium on IRL really moving forward because the bar is going to be so high" 

(17:50) The Necessity of Tech-Savvy Directors

(19:58) Steven's State of the Art of AI for directors. "The AI wave is driven by 4 forces: 1) Compute (the most important), 2) Data, 3) Algorithms, and 4) Robotics."

(25:11) Recommendations for directors on how to dive deeper into AI. *Reference to Menlo Venture's 2025: The State of Consumer AI

(29:24) Understanding AI Tools and Their Value

(31:55) Governance in the AI Age "How can you govern something you don't understand?"

(38:21) Navigating Private vs. Public Companies

(44:58) Geopolitical Tensions and AI. The options: 1) The Empire Strikes Back (China); 2) Star Trek (EU); and 3) The Capitalist Version of Mad Max (USA)

(49:28) The Future of Agentic AI

(52:12) The Importance of Data as an Asset

(58:53) How can the Board address the AI challenge

(1:04:14) Books that have greatly influenced his life:

1. Meditations, by Marcus Aurelius 
2. Start with Why, by Simon Sinek (2009)
3. The Coming Wave, by Mustafa Suleiman (2023)

(1:05:36) His mentors

1. Chinh Chu 
2. Viola McCausland
3. Paul Sagan
4. David Kenny
5. Lisa Hook

(1:07:39) Quotes that he thinks of often or lives his life by: "You become what you give your attention to.

(1:08:19) An unusual habit or an absurd thing that he loves.

(1:09:20)  The living person he most admires.

Steven Wolfe Pereira founded Alpha to solve a critical problem: most boards are governing AI transformation without the frameworks, intelligence, or peer networks they need to make sound fiduciary decisions. 

You can follow Evan on social media at:

Website: boardroom-governance.com

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/

Substack: https://evanepstein.substack.com/

YouTube: https://www.youtube.com/@BoardroomGovernance

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To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License