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Governance’s 21-Years Journey | A Conversation with Lesley Stephenson
In this episode, Lyndsey talks with Lesley Stephenson, Publisher and Owner of Governance Magazine. They discuss the 21 year journey of this global publication.   Introduction and Overview: - Worked on publishing the first corporate governance code – Cadbury Report on the Financial Aspects of Corporate Governance (2:15) - Published Greenbury Report on director remuneration and the Hampel Report which reviewed the original Cadbury Code (2:31) - Publisher of Financial Times Board Director Programme – provides training, development and networking for board directors in their role as director (3:22)   Governance Magazine: - Governance magazine has actually been going since November 1997 – 23 years (4:32) - Covers any issue of relevance to boards and investors (5:04) - Occasionally looks at important developments outside the corporate sector but mainly corporate (5:42) - Readership (6:24) • Chairs/CEOs/CO Secs in large listed companies worldwide• Institutional investors• Advisors• Business schools• Governance professionals - Main readership is in the UK (50%) and the USA (10%). The audience is truly global, with subscribers in 40 different countries (6:38)   Corporate Governance Over 20 Years Ago: - Generally boards more resistant, not so well accepted (8:04) - Heavy emphasis on running companies for benefit of shareholders – this has broadened out to include all stakeholders (9:26) - No concept of Board Diversity at all (10:13)   Top Moment: - Publishing an article by Alexei Navalny (11:21)   Top Challenges: - Time management between the Financial Times Board Director Programme and Governance Magazine (11:49) - Small team working behind the scenes on Governance Magazine (12:04) - Good content has not been a challenge (12:30)   Top Changes in Past 21 Years: - General acceptance of Governance and business as a force for good (13:41) - Increase in investor stewardship (14:31) - Board diversity and inclusion (14:53) - Drivers of change: (16:43) • Scandals• Losing money• Internet• Social media   Trend of Corporate Governance Development in the Next 5 to 10 Years: - ESG is here to stay. Climate change needs to be dealt with (19:05) - Extension of a wider sense of stakeholder engagement (19:22) - Culture comes from the top (19:43) - Changes to digital technology, AI and the way we do things (20:02) - Boards and directors need to be adaptable and open to change (20:28)   Importance of Ongoing Corporate Governance Training: - Individual directors have the responsibility to make sure they are up to date and that their skills are appropriate (21:31) - Other professions expect specific training and CPD (Continuing Professional Development) (23:10) - Governance Magazine helps board directors by keeping them up to date across a range of topics (23:39)
Boardroom&Beyond Podcast
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