Brad Feld is a veteran venture capital investor, co-founder of Foundry and Techstars, and the co-author of Startup Boards, among many other books. We discuss his personal journey, from his early life and entry into VC during the internet boom, to co-founding Techstars and helping build hundreds of startups and their boards. Brad shares insights from Startup Boards and reflects on the importance of board dynamics, effective composition, and the evolving expectations of independent directors.

In this special episode, I talk with Steven Wolfe Pereira, the founder and CEO of Alpha. We cover a wide range of topics at the intersection of capital markets, AI, and governance. We discuss IPOs, valuations, and the health of today’s markets, as well as the tension between private and public company growth. We also examine the pressures boards and executives face around performance, accountability, and compensation structures.

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. After a 37-year career with Deloitte LLP, Teresa retired in 2019. At Deloitte, she was the lead partner for some of the organization’s leading companies, including Apple Inc., and held several leadership positions including Vice Chair―West Region, San Francisco and Silicon Valley managing partner, and served on the board of directors of Deloitte USA LLP. An established thought leader, Teresa created Deloitte’s onBoarding Academy, a board readiness program, and Deloitte’s Women on Boards program which brought together over 100 female corporate directors.

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.

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. We discuss the 25th anniversary of the Weinberg Center, including Larry’s discovery of John Weinberg’s 1948 Princeton thesis, which has inspired a forthcoming book and an October 9 symposium hosted by the Center. Larry reflects on the continued relevance of historical governance debates and how they inform today’s challenges, including Delaware’s evolving position as the nation’s corporate law leader. We also talk about Charlie Munger’s and Warren Buffett’s enduring influence and the future of Berkshire Hathaway.

Tina Rosenfeld is a corporate director, advisor, and educator with deep experience in international governance and strategy. Born in Germany and based in Chile, Tina has worked across Europe and Latin America, serving on boards of family businesses, startups, and publicly traded companies, while also mentoring the next generation of leaders.

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. Steven currently serves as an independent board director at the Latino Community Foundation, Save the Children, and Whalar.

Erik Gerding is a partner at Freshfields. He advises clients on securities regulation, financial markets and corporate governance. Until the end of 2024, Erik served as the SEC’s Director of the Division of Corporation Finance.

Jack Lazar has more than 30 years of Silicon Valley experience with a focus on finance and operations. He has served in executive leadership roles at GoPro, Qualcomm, Atheros, NetRatings, Apptitude, and Electronics for Imaging. Jack is currently on the boards of Astera Labs (ALAB), Box (BOX), GlobalFoundries (GFS), and Resideo (REZI). He also consults with a variety of private companies, including Tonal, where he is chair of the board.

Walker Newell and Lenin Lopez are SVPs at Woodruff Sawyer, a national insurance brokerage and consulting firm specializing in management liability and corporate governance. We begin with an overview of Woodruff Sawyer and the importance of D&O insurance, then dive into key governance trends—such as the “Delaware Exit” or “DExit” phenomenon and the growing interest in alternative incorporation states like Texas and Nevada. We also discuss Delaware’s SB21, the IPO and SPAC environment, and emerging developments in securities class action litigation—not only in public companies but increasingly across the private markets as well.

In this special short and solo episode, I reflect on five years of the Boardroom Governance Podcast and Newsletter. I revisit the very first edition launched during the pandemic, share lessons from more than 175 episodes, and mark another milestone from leading the Center for Business Law at UC Law SF and launching the VC-Backed Board Academy (VCBA). I also look ahead to what is next for the governance community, the Boardroom Governance Summit, and invite you to help shape its future.

This special episode was recorded live at the Stanford Graduate School of Business on May 29th, where I moderated a conversation with award-winning journalist and author Karen Hao. Her new book, Empire of AI, offers a gripping inside look at OpenAI and the global race for artificial intelligence supremacy. We discussed the origins and evolution of OpenAI, including its initial nonprofit structure, the influential roles played by Sam Altman and Elon Musk, and the dramatic shift toward a for-profit model. We explored critical governance and control issues, analyzed the controversial concept of AI Empires, and unpacked the boardroom drama surrounding leadership disputes and investor dynamics after Sam Altman’s ouster. Karen shared insights into ethical considerations in AI development, compared AI advancements between the U.S. and China, and discussed the urgent need for thoughtful regulation. Finally, we touched on the powerful roles of community activism and offered recommendations for startups navigating the complex landscape of AI governance. Thanks again to Professor Anat Admati, Tina Mondragon, and my student Celine Lee Vendler from Stanford's Corporations and Society Initiative (CASI) for the invitation, and for letting me post this recording on my podcast series. If you like this show, please consider subscribing, leaving a review, or sharing this podcast on social media. You can find all the show notes on the website boardroom-governance.com, and please feel free to subscribe to the Boardroom Governance Newsletter at evanepstein.substack.com This episode is sponsored by the American College of Governance Counsel.

Michal Lev-Ram is a veteran journalist with deep ties to Silicon Valley. She shares her perspective on the current tech landscape in the midst of the AI boom. We also explore geopolitics, particularly developments in the Middle East, and the growing politicization of corporate America. Michal and I also discuss the tragic murder of Bob Lee, which she covered in depth in an article for Esquire, and reflect on the balance between creativity and accountability in today’s fast-changing tech environment. If you enjoy this conversation, please consider subscribing, leaving a review, or sharing the podcast. You can also support the show by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com.This episode is sponsored by the American College of Governance Counsel.

Alex Edmans, Professor of Finance at London Business School, is one of the leading voices in corporate finance and responsible business. He’s the author of May Contain Lies and Grow the Pie, and has written extensively on purpose, performance, and the evolving role of business in society. He also advises policymakers, boards, and asset managers around the world. In this episode, we discuss the importance of directors critically evaluating the data and narratives presented to them. Alex explores common cognitive traps—such as confirmation bias and black-and-white thinking—and underscores the value of diverse perspectives and a culture of constructive dissent in boardrooms. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com. This podcast is sponsored by the American College of Governance Counsel.

Rick Horvath is a partner at Dechert LLP based in San Francisco. He focuses his practice on corporate governance matters. We explore recent developments in Delaware law, with particular attention to SB21, which introduces significant changes related to controlling shareholder transactions and stockholder information rights. Rick provides historical context, explains the evolving landscape of corporate governance, and offers insights into how the legislation may impact directors, shareholders, and future governance practices. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com. This podcast is sponsored by the American College of Governance Counsel.

Roy Shapira is a Professor of Law at Reichman University in Israel focused on reputation, regulation, and corporate governance. We explore his recent paper on the European Union's Corporate Sustainability Due Diligence Directive (CS3D) and its implications for U.S. corporate directors, particularly in relation to human rights and environmental obligations. Roy highlights the contrasts between the proactive regulatory environment in Europe and the growing opposition to ESG in the U.S., addressing the legal risks and potential oversight liabilities American directors may face under these new standards. We also examine the impact of recent amendments in Delaware law on inspection rights and the ensuing accountability for directors, alongside geopolitical factors shaping governance strategies. The episode concludes with insights on trends in board composition and the complexities of navigating corporate culture in today's complex environment. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.

Robin Feldman is a Professor of Law at UC Law San Francisco, where she also serves as Director of the Center for Innovation and founding Director of the newly launched AI Law and Innovation Institute. She is a nationally recognized expert on law and technology, with influential scholarship spanning patents, pharmaceuticals, antitrust, and AI. We discuss the intersection of corporate governance and AI, including the ethical challenges facing boards, how to build trust in AI systems, and the broader implications of AI for society. Robin shares her insights into antitrust concerns arising from AI platforms, the geopolitical race for AI dominance, and how regulatory frameworks—both in the U.S. and globally—are beginning to take shape. We also touch on California’s emerging leadership in AI regulation, the use of AI in financial markets, and what board members need to understand as they navigate this complex and fast-evolving space. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.

Amy Rojik is managing partner of corporate governance at BDO USA, and director and founder of the BDO Center for Corporate Governance. We discuss current trends in governance, including how boards are adapting to a more dynamic risk environment, including the increased polarization over ESG and other stakeholder matters. We also explore some of the most pressing challenges in CEO succession and compensation, as well as the role of shareholder activism in shaping board agendas. Looking ahead, Amy shares her thoughts on future governance challenges and the ongoing evolution of board structures to meet them. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com. This podcast is sponsored by the American College of Governance Counsel.

Emily Melton is a co-founder and Managing Partner at Threshold Ventures, a Silicon Valley-based venture capital firm. We discuss her personal and professional journey through venture capital, from her early experiences to the founding of Threshold Ventures. Emily shares insights on the evolution of the venture industry and the mechanics behind successful venture investing. We also dive deep into the dynamics of VC-backed boards, exploring the strategic and oversight roles of investors, founders, and the crucial role of independent directors. We also address the question of diversity within the VC governance landscape. Finally, Emily offers her perspective on navigating the rapidly evolving AI landscape, highlighting both opportunities and governance challenges for boards and management teams alike. If you enjoy this episode, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com. This podcast is sponsored by the American College of Governance Counsel.

Joe Hurd is a Silicon Valley-based technology executive and experienced public company director. Joe is an Operating Partner at SOSV, a global venture capital firm, and serves as a non-executive director on the boards of Trustpilot Group, Hays, and Lloyd’s of London. We cover his executive career in both business and government service, and how those experiences have shaped his understanding of technology and business. Joe also shares his experiences navigating board service, including the challenges and opportunities he’s faced in the boardrooms of both UK and US companies. We discuss the evolving dynamics of DEI and ESG in corporate governance and how boards are adapting to increasing political and regulatory pressures. He also offers his perspective on the rise of AI and its impact on business strategy and governance. We explore how boards are evaluating performance, managing employee engagement (particularly in the UK context), and preparing for future challenges in an unpredictable business environment. If you enjoy this episode, please consider subscribing, leaving a review, or sharing it on social media. You can also support the podcast by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com. This podcast is sponsored by the American College of Governance Counsel.