NACD October 16 BRC Event Wrap-Up Notes - scroll down to the bottom of the page for content.
Join us on October 16 to hear from two commissioners on NACD’s 2019 Blue Ribbon Commission on the Future of Board Leadership including commission co-chair, Cari Dominguez, former chair of the U.S. Equal Employment Opportunity Commission and director on the boards of ManpowerGroup (NYSE: MAN) and Triple -S Management Corp. and Atlanta-based Luis Aguilar, former SEC Commissioner and director on the boards of Envestnet, Inc. (NYSE: ENV), and Donnelley Financial Solutions, Inc. (NYSE: DFIN).
We are in the midst of a business revolution with profound implications for companies and how they are governed. Changes involving markets, global competition, regulation and, perhaps above all, technology are reshaping social and economic life in powerful ways.
Boards and their leaders need to perform against heightened, often short-term expectations and contend with ever-intensifying scrutiny from a wide range of stakeholders. At the same time, they need to meet the demands of the future by fundamentally reshaping how the board thinks, operates and interacts with the business.
Don’t miss this discussion of insights on leading boards into the future and staying relevant as an active or aspiring board member. You’ll also receive a hot-off-the-presses copy of the 2019 Blue Ribbon Commission Report, which contains useful tools for you and your boards.
Moderator: Friso van der Oord, Director, Research, NACD
Please Note Location Change:
Cherokee Town Club, 155 West Paces Ferry Road, NW, Atlanta, GA 30305, (404) 365-1227
A new mandate for board leaders is required as a fundamentally different operating reality emerges for companies, based on deeply connected and intensifying megatrends, including regulation, global competition, climate change, and technology. Our panel discussed how the pace and scale of change are redefining how companies create and preserve value, requiring a new board governance model. This model requires that board leaders transform how the board is composed, operates, interacts with the business, and holds itself accountable. To meet the demands of the future, five shifts are required:
Deeper, more proactive board engagement on entirely new and fast-changing drivers of strategy and risk
A more strategic, forward-looking approach to board renewal through the lens of the shifting needs of the business.
More dynamic, flexible board operations and structure
Increased internal and external transparency about the workings of the board
More rigorous accountability for board and individual director performance
As panelist Eric McCarthey opined, the change starts with setting the board agenda and requires board members to be “cartographers,” able to map the future strategy of the company.
The Honorable Cari M. Dominguez is a corporate director of ManpowerGroup, and serves as lead director on the board of Triple -S Management Corp., the leading managed care company in Puerto Rico with exclusive rights to the BlueCross BlueShield trademark. She is also a trustee of the Calvert Funds, and former chair of the U.S. Equal Employment Opportunity Commission. Ms. Dominguez has also served in the U.S. Department of Labor in roles including Assistant Secretary of Labor for Employment Standards and director of the Office of Federal Contract Compliance Programs. Her corporate experience includes various senior human resources positions at Bank of America, including director of executive programs. She was also a partner at two international executive search firms, serving in their financial services, human resources, and corporate board practices. Dominguez serves on the national board of NACD, where she chairs the Nominating and Governance Committee, and is also on the board of NACD’s Capital Area Chapter of Washington, D.C. She served as a member of the U.S. Department of Labor’s National Taskforce on Apprenticeship Expansion, and has also served on numerous nonprofit boards, including Loma Linda University Health and the Leadership Foundation of the International Women's Forum. She is the current President of the Women’s Forum of Washington, D.C. Dominguez has received numerous awards and national recognition for her public policymaking roles and global efforts to promote workforce development and diversity. Hispanic Business magazine has recognized her as one of the "80 Elite Hispanic Women" and one of the "100 Most Influential Hispanics in the Country." Women Inc. recently recognized her as one of the "2018 Most Influential Corporate Directors".
Luis A. Aguilar served as a Commissioner at the U.S. Securities and Exchange Commission from July 31, 2008 to December 31, 2015. Currently he serves on the Boards of Directors of the following companies: Envestnet, Inc. (NYSE: ENV), a leading provider of unified wealth management technology and services to investment advisors and Donnelley Financial Solutions, Inc. (NYSE: DFIN), a financial communications and data services company serving both the investment and capital markets worldwide. He is also on the Board of Advisors of Personal Capital Corporation, an asset management firm using online financial tools to combine transparency into customer finances with personal attention from financial advisors. Commissioner Aguilar is also a partner in Falcon Cyber Investments, a multistage equity investment vehicle exclusively focused on Cybersecurity Investments. Falcon’s goal is to partner with its portfolio companies to help them successfully seize market opportunities and reduce the cyberattack surface for corporations, governments, and individuals around the globe. Commissioner Aguilar was originally appointed by President George W. Bush and was reappointed by President Barack Obama in 2011. Commissioner Aguilar became the eighth longest serving Commissioner in SEC history and was one of only three Commissioners to have been nominated by two U.S. Presidents from two different political parties. Commissioner Aguilar’s tenure started a few weeks before the collapse of Lehman Brothers and the financial turmoil that followed and a few months before the Madoff Ponzi scheme was exposed. As a consequence, during Commissioner Aguilar's services, the SEC underwent a significant internal restructuring and entered one of its most active rulemaking periods that impacted all aspects of the capital markets. Commissioner Aguilar worked to modernize the SEC’s rules to reflect the innovation and changes that had long transformed the capital markets. He was an early advocate for the importance of focusing on cybersecurity issues and led the effort to bring together public and private sector experts as part of the SEC’s first Cybersecurity Roundtable held in March 2014. He is a recognized leader in the nexus of cybersecurity, investor protection, and publicly traded companies. Commissioner Aguilar represented the Commission as its liaison to both the North American Securities Administrators Association (NASAA) and to the Council of Securities Regulators of the Americas (COSRA).
Friso van der Oord is director of research, responsible for all NACD content development. He is an experienced governance advisor and business line manager, who has worked over the last 15 years with Fortune 500 and global executives on major risk, compliance, and integrity challenges, including serving in leadership roles at CEB and LRN. He holds an MA in international relations from Johns Hopkins University's SAIS Program.
R. Eric McCarthey leverages a unique and versatile combination of leadership, operational, entrepreneurial, and change agent expertise gained through his 30 years as a senior corporate officer and then as a venture capitalist, public and private board member, and advisor for leadership development and business model optimization.
As a senior corporate officer, change catalyst, and marketing/commercial executive for 30 years in the global Coca-Cola system across four continents, he developed extensive capabilities in consumer and retail marketing, brand management, results-driven strategic planning, brand and commercial innovation, and sales systems. For example, he led the global commercial strategy planning process and the adoption of EVA and economic profit integration with global marketing and operating units.
As a venture capital and private equity value creator, McCarthey is managing partner and acting COO of Crestlight Ventures Productions and CEO of Shelty-Viking Capital Group LLC. He raised funds for the Crestlight Fund 1 to focus on disruptive technologies (i.e., meta data search, IT productivity, apps development, retail, and predictive analytics). His expertise in the Internet of Things applications has been instrumental in creating transformative business models in cloud SAAS, e-commerce, media, telecommunications, health care, and health and nutrition consumer markets. He is active as an advisory investor of Mycotechnology, Niche Video Media, Domino Solutions, Super Org, IP2biz, and Medical Home Exchange.
McCarthey has extensive leadership development and business model optimization experience, including serving as past chair with Vistage International, the world's largest CEO membership organization. Utilizing those skills, he has redesigned 14 different organizations to improve critical business elements: revenue enhancement, brand shaping, customer development, succession planning, sales system design, cost structure analytics, marketing resource deployment, and strategic planning for sustainable growth.
McCarthey served on the board of directors of Global Imaging Systems (NASDQ: GISX) through the sale to Xerox, Standard Register (NYSE: SR), and Mycotechnology. He currently serves on the boards of Interra International, Saulsbury Industries, Spar Group (NASDQ: SGRP), The Health Store Foundation, EcomNow, Dairy Innovations LLC, and Commerce Science Corporation. He was also chair of the NACD Atlanta Chapter. His background enables him to serve in positions of lead director or board chairman as well as membership in all three major committees: audit, nominating/governance, and compensation.