Minutes by boardcycle: Directors | Executives | Governance

"There's a real risk to fall into the trap of believing... 'Oh, that's just how it's done there.'"— Audette Exel AOGoverning across borders is not just a compliance exercise — it requires a clear view of where global standards must hold firm, and where local knowledge must lead. Audette Exel AO has been doing this for nearly three decades through Adara Group, which operates across Australia, Nepal, Uganda, and Bermuda, and through board roles at Westpac and Suncorp.In this episode, she talks through the real differences between governing large institutions and small purpose-driven organisations, the practical challenges of oversight in low-infrastructure environments, and why she believes local teams are not just an operational necessity but a governance priority.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"Risk is a currency in these businesses, and we just need to work with it." - Phil MorlePhil Morle, Partner at Main Sequence Ventures and Chair of v2food, Samsara Eco, Eden Brew and Nourish Ingredients, shares how he approaches risk governance across multiple deep tech companies built on scientific breakthroughs.Phil explains why the most valuable venture-backed companies are inherently the riskiest, how boards can use structured risk tolerance exercises to align directors, and why traditional approaches to board decision-making can be dangerously expensive in fast-burning startups. He discusses practical techniques for breaking down large, high-stakes decisions into smaller commitments that allow boards to retire risk progressively rather than facing a single make-or-break moment.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"I think dealing with risk is really hard - especially without good experience or mentors around you." - Mike GonskiNFP chair and Herbert Smith Freehills partner Mike Gonski addresses the governance tension at the heart of many not-for-profit boards: how to give voice to the people your organisation exists to serve, while managing the very real risks that come with putting inexperienced directors in governance roles.Mike shares what ReachOut learned from its experiment with mandated youth board membership, what effective observer programs actually look like, and why the "empty chair" concept has genuine merit without the governance complications of a board seat.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"You need to live through the board meetings and the committee meetings and the annual cycle." - Julie CoatesJulie Coates, Director of Wesfarmers and former CEO and Managing Director of CSR, discusses what successful director onboarding actually looks like in practice. From pre-joining meetings with each existing director to understanding board dynamics, from coordinating with business unit leaders to leveraging the company secretary's support, Julie provides a comprehensive playbook for new directors joining complex organisations. She discusses why onboarding should start before the first board meeting, how to be purposeful about timing, and the importance of patience in contributing effectively during your first year on the board._______________Note: Julie Coates was interviewed in September 2025. Since this interview, Julie has ceased to be a director of the Green Building Council of Australia and been appointed as a director of Scentre Group.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"Purpose and profit collide. Now in a beautiful world, they work together. But they require a series of choices and trade-offs, and they require enormous integrity." - Audette Exel AOAudette Exel, Chair and Founder of Adara Group and former Director of Westpac and Suncorp, explains how to build a purpose-driven business model where purpose and profit coexist. Drawing from her experience creating Adara's structure where an investment banking business funds international development work, Audette explains why traditional not-for-profit funding models create asset-liability mismatches and how she designed an alternative that's survived nearly three decades. She discusses the practical challenges of balancing commercial and development priorities, why purpose must trump profit when they conflict, and how to avoid the trap where purpose becomes marketing rather than operational reality.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"Value created to time used is the most important metric." - Phil MorlePhil Morle, Chair of v2 Food, Samsara Eco, Eden Brew and Nourish Ingredients, and Partner at Main Sequence Ventures, discusses how boards can govern companies where being unprofitable is the strategy for years. He explains the concept of "binary companies" where revenue doesn't gradually increase but literally turns on after years of investment, and why traditional governance approaches fail in these environments.Phil shares practical frameworks including burn-down charts that track cash runway and the "slam dunk financing" slide that defines what must be delivered before the money runs out. He discusses why directors need elasticity and imagination rather than rigid metrics, how to create psychological safety when bad news is routine, and why boards must get into the swamp rather than passively reviewing reports.________________Follow Podcast Host ⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠boardcycle website

"In smaller organisations, I prefer a board director on my board who will err towards being more hands-on than hands-off." - Mike GonskiMike Gonski, Chair of ReachOut Australia and Carriageworks and partner at Herbert Smith Freehills, challenges conventional governance wisdom about board size and director involvement. He explains why he prefers larger boards where directors actively contribute their expertise rather than maintaining strict separation between board and management. Mike shares practical approaches for preventing director overreach, knowing when to move conversations offline, and why smaller NFPs genuinely need hands-on board contributions to fill capability gaps.________________Follow Podcast Host ⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠boardcycle⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠boardcycle website

"There shouldn't be two lists. There should just be the list of things that need to be done." - Julie CoatesJulie Coates, Director of Wesfarmers and former CEO and Managing Director of CSR, shares practical guidance for managing board actions/matters arising effectively. Drawing from experience on both sides of the boardroom table, Julie explains why action items without context can be unhelpful and how company secretaries can apply disciplined thinking to distinguish between actions that add value and those that don't.She discusses the importance of post-meeting conversations between the chair, CEO, and company secretary to refine action lists, why management often already has the information boards request, and techniques for dealing with unrealistic or unfocused board requests during meetings.This episode provides company secretaries and governance professionals with concrete strategies for making board actions more effective whilst maintaining credibility with both boards and management teams.________________Follow Podcast Host ⁠⁠Richard Conway⁠⁠ on LinkedInFollow ⁠⁠boardcycle⁠⁠ on LinkedInVisit the ⁠⁠boardcycle website

"There is enormous risk when you try to metricise the value of a human life." - Audette Exel AOAudette Exel, Chair and Founder of Adara Group and former Director of Westpac and Suncorp, discusses how boards can transform social impact reporting from a compliance exercise into a strategic governance tool.She explores why the "S" in ESG lags behind environmental reporting, the dangers of reducing human services delivery to mere metrics, and how to balance data-driven measurement with meaningful storytelling. Audette explains why directors must get out of oak-panelled boardrooms to witness their organisation's impact firsthand, and how to create substantive reporting that moves beyond compliance requirements.________________Follow Podcast Host Richard Conway on LinkedInFollow boardcycle on LinkedInVisit the boardcycle website

"Different science choices could have huge downstream impacts on timing, capital, customers, or how big the business might be." - Phil MorleMain Sequence Ventures Partner Phil Morle shares insights from chairing breakthrough deep tech companies like Samsara Eco and V2 Foods about the governance challenges facing science-based businesses.Phil explains how boards can bridge the gap between laboratory innovation and commercial success, focusing on practical approaches to oversight when directors may not fully understand the underlying technology.He discusses the importance of curiosity over expertise, creating forums for productive dialogue between scientific and commercial teams, and establishing metrics that connect scientific progress to business outcomes.Drawing from real examples including Eden Brew's dairy protein development and engineering decisions at scale-up stage, Phil provides a roadmap for effective deep tech governance._____________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"It is a hundred percent not a silver bullet to anything. It's just another useful tool we need to know how to use." - Mike GonskiMike Gonski, Chair of ReachOut Australia and Carriageworks and Partner at Herbert Smith Freehills Kramer, discusses strategic approaches to AI adoption in governance functions.From the risks of AI minute-taking creating litigation hazards to building "walled gardens" for safe data handling, Mike shares practical frameworks for boards considering AI implementation whilst maintaining professional responsibilities and stakeholder trust._____________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"You know if you can secure their backing, that's incredibly empowering." - Alison WatkinsIn this candid conversation, seasoned director Alison Watkins pulls back the curtain on boardroom dynamics from both the CEO and director perspectives. Having been CEO at Coca-Cola Amatil, Graincorp, and Berri before transitioning to non-executive positions, Alison reveals the completely different experience of attending the same board meeting depending on your role. She discusses the unique pressures CEOs face, the challenge of measuring impact as a non-executive director, and why former CEOs must be careful not to cross operational boundaries. This episode offers valuable guidance for anyone involved in governance relationships._____________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website

"I would love to see a bit more entrepreneurial thinking in governance circles and in the boardroom." - Hannah BrowneHannah Browne, Managing Director of technology consultancy Midnyte City and Director at Greenpeace Australia Pacific, discusses how governance practitioners can apply startup methodologies—simplification, systematisation, and scalability—to navigate increasing complexity while maintaining focus on delivering value._____________Follow Podcast Host ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Richard Conway⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInFollow ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on LinkedInVisit the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠boardcycle website⁠