BDO in the Boardroom Podcast Series

Join BDO in discussion with Don Springer and Dennis Cagan, the Managing Directors for GovernX, as they share their perspectives on:

Key Takeaways

• Boards provide important checks and balances that can foster sound governance within an organization
• Boards should be formed with the organization’s needs in mind in advance of significant transactions
• Board members can be thought of as affordable consultants and may provide first class advice and unbiased perspectives to management in helping meet strategic objectives
• Board assessments highlighting skills/experience gaps should inform board member selection and bring differing and fresh perspectives
• High caliber board members can provide credibility and competitive advantages with stakeholders

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Join BDO in discussion with Jessica Denecour, Board of Director for MobileIron (MOBL) and former Senior Vice President and Chief Information Officer for Varian Medical Systems.

Key Takeaways

• Engage in outreach and conversations to let people know you are looking and then listening to functionality that is expected
• Study up on areas you don’t have deep knowledge while also identifying what you bring from an operational perspective
• Be innovative and draw on your skillsets/unique attributes
• Facilitate diversity by first identifying what may be missing and then pulling together a diverse slate of candidates
• Really prepare yourself – understand what boards are looking for and educate yourself to fulfill those roles

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Join BDO in discussion with Erin Dwyer, Deputy Director & Stakeholder Liaison at Public Company Accounting Oversight Board (PCAOB).

Key Takeaways

• Audit committees continue to seek more education about the PCAOB inspection and reporting process and the PCAOB is continuing to provide more transparency and timely reporting in this area.
• Investors are becoming more focused on accounting and reporting as a governance issue and are highly interested in understanding audit committee oversight and there is an opportunity for audit committees to become more engaged in dialogues with investors.
• The PCAOB views engagement with investors on international activities, including understanding audit failures and specific country restrictions on PCAOB inspections that may impact audit quality, as an increasing area of importance
• Critical Audit Matters (CAM) is an additional area that all three stakeholder groups are continuing to understand and form opinions on with regard to the value of the information CAM disclosures within the auditor’s opinion may provide
• PCAOB is open to and welcomes engagement with audit committees, investors and preparers on a broad range of issues impacting audit quality

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PCAOB Resources:

• PCAOB Audit Committee Resources
• PCAOB Investor Resources
• PCAOB Preparer Resources
• PCAOB Webinar for Audit Committees (July 2020 Replay)
• Conversations with Audit Committee Chairs: COVID-19 and the Audit

Join BDO in discussion with Julie Bell Lindsay, Executive Director of The Center For Audit Quality.

Key Takeaways

Focal areas that help drive audit quality promoted by the Center for Audit Quality:

• Understanding and successfully implementing new auditing standards via proactive dialogue among the profession, the regulators and management and audit committees
• Audit firms focus and investment in their organization’s system of quality control
• Innovating with emerging effective and efficient audit technologies
• Transparent and regular communication and engagement among and with all audit stakeholders
• View toward the future of auditing as going beyond traditional financial statements and encompassing decision-useful information including ESG, non-GAAP and cybersecurity

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Join BDO in discussion with Mercedes De Luca, Chief Information Officer at Pebble Beach Resorts and Board of Director for PFSweb, Inc (PFWS), and INETCO Systems Limited.

Key Takeaways

• Truly needing to have a strategy on landing a board seat and be proactive
• Understanding board service will be both rewarding and challenging
• Being persistent and resilient – it is going to take a while and feel daunting
• Using board interviews to build rapport and assess whether you will be a good fit with the board and CEO
• Once on the board, really get to know your fellow directors to not only problem solve effectively but recognize that this additional network may be the best source of future opportunities

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Join BDO in discussion with Julie Cullivan, Chief Technology and People Officer, ForeScout Technologies and Board of Director for Axon (AXON).

Key Takeaways

• Get started early – recognizing it takes time to find a good board fit
• Identify your “superpowers” that you can bring to a boardroom to differentiate yourself and make positive impacts
• Recognize if you have been on one board, you have been on one board – all boards and their dynamics are unique

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Join BDO in discussion with Christine Heckart, CEO of Scalyr and Board of Director for 6sense and Lam Research (LRCX).

• In order to add value to a board, needing to first absorb what is going on at the board level
• Taking time to listen and formulate good and meaningful questions/comments
• Seeking input on your performance
• Spending time with executives within the organization
• Investing in board training in advance of being on a board; continuing your education through board roundtables/forums
• Identifying your sponsors who really know your strengths and weaknesses and can advise you
• Having a broad perspective of what diversity can mean to a board
• Understanding the flow and quality of information that is coming to the board

Join BDO in discussion with Bob Tirva, Audit Committee Chair of Resonant (RESN) and CFO of Sonim Technologies.

• Proactively seek out opportunities to continue education and expand your existing networks in meaningful ways
• Be patient and open to positions that play to your strengths – including skills and industry experiences
• Adjust to sitting in the role of oversight versus the role of management

Join BDO in discussion with Betsy Atkins, three-time CEO and serio entrepreneur, board of director of numerous corporations, founder of Baja Corp and author of Be Board Ready and Behind Boardroom Doors as she shares her thoughts on:

• Defining your strategy in seeking board service and ask yourself “why not me?”
• Pay forward value and receive value in return
• Prepare yourself and where you may have gaps to fill, seek resources to fill them
• How to contribute meaningfully and bring new ideas into the boardroom

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Join BDO in discussion with Alexa King, Board of Directors at Vocera Communications  (VCRA) and EVP, General Counsel and Corporate Secretary for FireEye.

Key Takeaways

• Change director recruiting perceptions from seeking traditional, tangible “roles” to recognizing and valuing broader skillsets, capabilities and characteristics
• Seek out sitting directors as champions and pay it forward by mentoring others
• Proactive thinking about ways to introduce more diversity to your boardrooms

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Join BDO in discussion with Coco Brown, Founder and CEO of the Athena Alliance.

• The rise of the feminine architype – roles that women have historically embodied – are increasing board role opportunities for female directors.
• Organizations like the Athena Alliance are helping women develop their strategy for board service by defining their strengths and presenting and articulating where their contributions best fit in different business models and stages
• Board seats are achieved through effort, thoughtful strategy and of course, outreach to various networks

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