Are UK public markets still fit for purpose—or are boards losing touch with their shareholders? In this episode of The Boardroom Path, host Ralph Grayson welcomes Barry Gamble, a leading boardroom thinker and Senior Advisor to the Non-Executive Directors Association. Together, they explore the evolving role of non-executive directors, the decline of AIM, and how public markets are losing companies to private equity.

Barry draws from his deep experience in board governance, activism, and shareholder engagement to question whether current governance structures serve stakeholders effectively. He shares insights into the concept of “board washing,” the growing complexity of regulation, and why formal debate might just be the key to better board decision-making. Barry also previews his upcoming Quoted Companies Alliance debate and reflects on his involvement in revisiting the Higgs Review.

This episode is a must-listen for aspiring and current NEDs who want to better understand the risks, responsibilities, and rewards of board service in today’s evolving governance landscape.

• (00:00) - Introduction to The Boardroom Path

Barry Gamble: Barry is Senior Advisor to the Non-Executive Directors Association, Advisory Board member at Board Agenda magazine, and Chair of Boardroom City Debates. He is a seasoned public and private company director, boardroom commentator, and former editor-at-large of Boardroom Magazine, with expertise in governance, shareholder engagement, and boardroom dynamics.

Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.

What You’ll Learn in This Episode:

• Why public markets are losing companies and what it means for board governance
• The importance of high-quality, respectful boardroom debate
• How shareholder trust is affected when companies delist from AIM
• What "board washing" is and why it threatens transparency
• How technology and generational change are reshaping board composition

Action Points:

1. Rethink the Role of the NED: Barry argues for a redefinition of the non-executive director title, stressing how the current term undersells the weight of responsibility. Revisiting the Higgs Review may be a crucial opportunity to align title with accountability.
2. Foster Genuine Boardroom Debate: Structured, formal debate can improve decision-making and reveal nuance in complex governance issues. Create environments where challenging views are welcomed and actively explored.
3. Prioritise Governance Over Compliance: Don’t let lengthy annual reports and regulatory overload dilute board focus. NEDs should focus their bandwidth on strategy, risk, and meaningful oversight rather than ticking boxes.
4. Watch for "Board Washing": Beware of glossy governance statements that obscure deeper issues. Transparency, not performance theatre, is the hallmark of genuine board effectiveness.
5. Balance Technology with Human Insight: While AI and digital tools can streamline board processes, directors must still engage deeply with information. Use tech to aid—not replace—critical thinking and strategic dialogue.

The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. 

Subscribe now, and take your first confident step along The Boardroom Path.

Learn more about Sainty Hird & Partners at saintyhird.com