Boardroom Governance with Evan Epstein

Evan Epstein
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  • UPDATED FORTNIGHTLY

In-depth interview podcast with leading corporate governance experts, including world-class founders, scholars, board members, executives, investors and more. The content is structured as a long-form conversation to explore not only the latest corporate governance trends, but also to get some personal insights from some of the best and brightest minds behind America's boardrooms.

  1. Sue Siegel: Innovation, Life Sciences, and Governance in a Changing World

    5 DAYS AGO

    Sue Siegel: Innovation, Life Sciences, and Governance in a Changing World

    (0:00) Intro (1:55) About the podcast sponsor: The American College of Governance Counsel (2:42) Start of interview (3:56) Sue's origin story (5:42) The Rise of Biotech and her Career Journey (BioRad, Dupont, Amersham and Affymetrix) (12:04) Transition to Venture Capital (Mohr Davidow Ventures, GE Ventures) (14:55) Evolution of Corporate Venture Capital (since ~2010) "They [now] represent about 28% of all VC dollars going into startups." (19:32) Her Board Membership Journey (since 2000, as a board member at Affymetrix where she was an executive) (21:12) The Impact of AI on Governance (21:53) Cultural Differences in Boardrooms between founders and investors: "if you do governance right, it should be an enabler, not a suffocator." (29:24) Navigating Geopolitical Risks. Example: Align Technology: We moved about 90% of our Russia based developers to Armenia. (33:01) Challenges in Life Sciences Funding (34:52) The AI Investment Boom (37:16) Activism's Influence on Corporate Boards. "They punish the lack of communication. They punish obscuring things."  Reference to E189 with Joele Frank and Anne Chapman. (42:36) The Evolution of Compensation Structures "I think one of the key topics around comp is aligning pay, performance, and purpose." (45:34) Other relevant board topics: human capital, innovation, data and board culture. (47:57) The Importance of Board Refreshment (digital and IA natives that can govern in the boardroom) (49:12) Books that have greatly influenced her life: Passages by Gael Sheehy (1976)Mountains Beyond Mountains by Tracy Kidder (2003)(52:00) "People that helped her along" (54:23) An unusual habit or an absurd thing that she loves.  (54:59) The living person she most admires: Francis Collins. (56:39) Quotes that she thinks of often or lives her life by. Sue Siegel is a highly accomplished executive, investor, and board member who has been at the forefront of innovation across life sciences, healthcare, and technology for more than three decades. You can follow Evan on social media at: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    58 min
  2. Karen Page: Venture Boards, Founder Governance, and the Path from Startup to Scale

    3 NOV

    Karen Page: Venture Boards, Founder Governance, and the Path from Startup to Scale

    (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: Annie Duke's Thinking in Bets (2018)Ray Dalio's Principles (2017)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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    58 min
  3. Joele Frank and Anne Chapman: Strategic Communications, Activism, and Governance

    27 OCT

    Joele Frank and Anne Chapman: Strategic Communications, Activism, and Governance

    (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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    55 min
  4. Stephen Bainbridge (UCLA): The State of Corporate Law and Governance in the U.S.

    13 OCT

    Stephen Bainbridge (UCLA): The State of Corporate Law and Governance in the U.S.

    (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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    57 min
  5. Brad Feld: Startup Boards and Lessons from Four Decades in VC

    1 OCT

    Brad Feld: Startup Boards and Lessons from Four Decades in VC

    (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: Zen and the Art of Motorcycle Maintenance by Robert Pirsig (1974)The entire pantheon of Neal Stephenson and William Gibson Science fiction written by female writers (as a category)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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    56 min
  6. State of the Markets and AI with Steven Wolfe Pereira

    16 SEPT

    State of the Markets and AI with Steven Wolfe Pereira

    (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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    53 min
  7. Teresa Briggs: Audit Committees, AI, and the Evolving Role of Corporate Directors.

    2 SEPT

    Teresa Briggs: Audit Committees, AI, and the Evolving Role of Corporate Directors.

    (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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    54 min
  8. Jonathan Foster: On Boards and the Playbook for Modern Governance

    25 AUG

    Jonathan Foster: On Boards and the Playbook for Modern Governance

    (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: On a Clear Day You Can See General Motors, by Patrick J. Wright (1979)The Right Stuff, by Tom Wolfe (1979)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: X: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/  Substack: https://evanepstein.substack.com/ __ To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/ __ 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

    47 min
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In-depth interview podcast with leading corporate governance experts, including world-class founders, scholars, board members, executives, investors and more. The content is structured as a long-form conversation to explore not only the latest corporate governance trends, but also to get some personal insights from some of the best and brightest minds behind America's boardrooms.

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