In 2025, we launched Shaping the Future With… an interview series featuring directors speaking plainly and candidly about the real work of governance.

Over the past year, Watson Partner Rachel O’Connor had great conversations with Heather Munroe-Blum, Mark Podlasly, David Simmonds, Suromitra Sanatani, Judith Athaide, Estelle Métayer, Jim Carter, Jo Mark Zurel, and Jill Gardiner

These directors all come from different sectors, different contexts, and different lived experience. And yet, when we step back from the individual conversations, certain themes come into focus.

What follows isn’t a recap of the interviews — it’s what directors collectively told us about the state of governance right now: what’s changed, what’s harder, and where boards need to be most intentional.

Here’s what we heard.

1. Trust Is Everything

Boards carry accountability for performance, people, and the long-term health of the organization. Yet the directors we spoke to kept returning to something more fundamental: trust.

David Simmonds framed board service as a privilege that one has to “earn and re-earn”:

“As a board member, you have the opportunity to cut through noise to focus on whether the organization is delivering what it promised. Are the right products and services being protected? Is the investment paying off? Doing that in a way that reflects the significance of those questions can help you re-earn that trust.”

When trust erodes, everything else becomes harder. Suromitra Sanatani described stepping into that reality:

“Rebuilding trust became my number one priority, and it was one of the hardest and most fulfilling things I’ve ever done professionally.”

In Heather Munroe-Blum’s view, the foundation of trust is open communication:

“…the board should learn to say much of what they often leave to the in camera in front of the CEO… It’s all about trust, so we need to build a culture where views are shared and well-expressed, where tough things can be said within the board, and occasionally, between board and management.”

And Jill Gardiner grounded it in effectiveness:

“Without [trust], you’re not going to get effective governance.”

2. The Line Between Governance and Operations Is Constantly Shifting (Or At Least It Should Be)

The old governance maxim “noses in, fingers out” still shows up, but directors described a more nuanced reality. Strong boards aren’t rigid about maintaining a strict line between governance and operations — they’re thoughtful about how they engage.

Jill Gardiner captured the baseline:

“The board’s value is in seeing the big picture. You bring your expertise, but you always ask: what does this mean for the organization as a whole?”

She was equally clear about when that line shifts:

“Now, in a crisis or a project that’s gone off the rails, you might have to dig in more closely — that’s part of the job too.”

Heather Munroe-Blum described how boards and management can work together without blurring roles:

“Boards and management can explore elements of a productive collaborative relationship; one in which, yes, everybody knows and adheres to their appropriate responsibilities — but where both are nonetheless truly working, sometimes learning, together.”

Suromitra Sanatani reinforced the same idea from another angle:

“It’s not appropriate for boards to be getting into the weeds on every single project. But when something is material or truly game-changing for the organization, boards and management should be dissecting the matter together… Governance is not a sinecure. We’re here to add value.”

3. Diversity of Thought Requires More Than Representation

Many directors spoke candidly about the gap between diversity on paper and diversity in practice.

Mark Podlasly sees diversity of directors and their ideas as foundational to good governance:

“There have been times when board composition hasn’t reflected gender equity or broader perspectives. To me, governance is about ensuring that decisions are informed by a range of voices and up to date with the world around us.”

Judith Athaide noted the importance of board culture in enabling diversity of thought:

“Different backgrounds lead to different questions — enabled by a culture that makes it safe for everyone to speak up.”

David Simmonds connected individual agency to organizational performance:

“I believe agency is the greatest form of diversity and inclusion, and when we can prioritize individuals acknowledging and exercising their agency, we’ll have high performing teams, organizations, and cultures.”

4. The Decisions Boards Make Today Echo Far Into the Future…

Several directors spoke about the critical responsibility of long-term thinking and future planning:

Grounded in Indigenous ways of thinking about stewardship, Mark Podlasly described sustainability as an obligation that extends far beyond the present:

“It’s about thinking in generations — seven generations ahead… The decisions we make today should be good not just for us, but for those who come after us.”

Jo Mark Zurel highlighted why directors need to stay curious:

“Over the long term, curiosity is critically important because we just don’t know what the world is going to be like in the future. Bringing in outside thought leaders for provocative talks helps us learn from different perspectives that will help us answer some of those difficult, forward-looking questions.”

Estelle Métayer implores boards to elevate their perspective, even during times of uncertainty:

“ When management is dealing with emergencies, — inflation, tariffs, supply chain stocks — the board’s role is to stay calm, keep perspective, and ensure that future planning still happens. You’ve chosen your executives for their capacity to make the right decisions and respond in the moment; your role is to carve out space to think beyond it. “

5. …Yet Strategy Doesn’t Get Enough Airtime

Directors were strikingly aligned on this: strategy is critical yet consistently crowded out.

Jim Carter didn’t hedge:

“Every board I’ve been on says they don’t spend enough time on strategy. They’re not wrong.”

One of his boards decided to test its own perception:

“One board I’m on actually ran our board minutes through AI to see how often strategy came up. The answer? Not nearly as often as finance, audit, or operations.”

Estelle Métayer described what boards are actually being asked to do when strategy does get discussed:

“You have to be able to look at all the information, spot patterns, identify critical gaps, and help the board and management focus on the two or three decisions that really matter.”

6. CEO Transitions Expose Governance Strength (or a Lack Thereof)

CEO succession and transition emerged as one of the clearest stress tests of board effectiveness.

Jill Gardiner described what preparation really entails:

“You need a clear succession chart — who’s the emergency successor, who’s ready in three years, who’s five to seven years out — not just for the CEO, but across the executive team.”

But she emphasized that appointment is only the beginning. Her advice to new CEOs was unequivocal:

“Treat the board as a strategic partner, not a nuisance.”

Suromitra Sanatani underscored what boards need to bring to the relationship:

“The board’s role is not to pretend we have all the answers. It’s to be prepared, to be informed, and to acknowledge ambiguity.”

7. Commitment and Courage Matter More Than Credentials

Several directors returned to a simple idea: when things get hard, who shows up — and how they show up — matters. Courage isn’t about certainty, it’s about staying engaged when the work gets uncomfortable.

Jo Mark Zurel put it plainly:

“Commitment matters more than talent.”

He’s seen the contrast firsthand:

“Times of crisis separate the good directors from the bad.”

Mark Podlasly only wants to serve on boards that are willing to push themselves in pursuit of truth.

“Are they curious? Do they ask tough questions — and, more importantly, are they willing to accept tough answers? Are they willing to act on them? A board that avoids difficult conversations isn’t serving the company or its people.”

Heather Munroe-Blum named the internal requirement behind that commitment:

“It’s important to have your own moral compass, your own internal confidence to ask hard questions or say ‘something’s not right here’.”

8. Governance Is Still, at Its Core, Human Work

Governance might be getting more complex, but for all the frameworks and formal structures, directors kept returning to people.

Jim Carter said it simply:

“Every organization is made up of people. And people need to feel valued, supported, respected.”

Judith Athaide echoed it from a governance lens:

“For me, [governance] is the confluence of people, process, policies, systems, and culture. And the two most important are people and culture.”

And David Simmonds grounded it in impact:

“There should be humanity in the boardroom. The decisions we make there are touching people’s lives.”

9. The People Behind the Directors

Every Shaping the Future With… conversation ends the same way: with a question that has nothing to do with governance. Here’s what the directors said when we asked them to share something a little more personal.

Heather Munroe-Blum on her ideal day in “active semi-retirement”:

“Hanging out with the family in blue jeans and a t-shirt. Gardening, hiking, being outside. Going to a movie on a weeknight with my husband, reading and continuing to learn — that’s all heaven.”

Mark Podlasly on a word that describes his reading habits:

“I’ve tried working through the Man Booker and Giller Prize lists, but I always get pulled back into financial reports, especially around audit season. There’s actually a Japanese word for that — tsundoku. It describes people who buy books with the intention to read them but never get around to it.”

David Simmonds on the art that inspires him:

“I love Kent Monkman’s art… There’s a beauty and a brashness to his art. It embodies the tension between advocacy and establishment — it sits inside the traditional art world while simultaneously challenging our awareness and hopefully leaving us with something that we might take action around.”

Suromitra Sanatani on her go-to reset after a tough day in the boardroom:

“A dry vodka martini with olives, followed by a delicious home-cooked meal by my husband — he’s a wonderful cook. And museums… Museums celebrate the resilience of the human spirit. That inspires me.”

Judith Athaide on the career she’d choose if she could start again:

“Professional dancer or carpenter. Both let me use my hands and body to create something beautiful and functional. And when it’s well done, it brings people joy.”

Estelle Métayer on the song that best represents her life:

“Imagine by John Lennon. I was lucky to grow up in an environment where I was encouraged to imagine what I wanted to do, without limits. I bring that spirit into my work with organizations and when I’m mentoring younger women, encouraging them to think beyond assumptions and imagine what they could become. “

Jim Carter on his dream dinner party guests:

“Along with my dear wife Lorraine, I’d invite Winston Churchill, Ronald Reagan, and C.D. Howe — and I know my old colleague Eric Newell would want to be there too!… There are timeless lessons to be learned from each of them.”

Jo Mark Zurel on how he resets outside the boardroom:

“Running. I’m a new runner — I just ran my first half marathon and my first marathon, and now I’m training for an ultra. So I’m in pain all the time, working like a dog, trying to beat this body into shape. But I love it.

Jill Gardiner on the one dish she could eat for the rest of her life:

“Lemon risotto with grilled shrimp…It’s very Amalfi Coast — the first place I had it — and the setting made it unforgettable. One of those meals where you think, “I have to learn how to make this.” And then whenever you enjoy it, it brings you back to that special place.”

Looking Ahead

We’re grateful to the directors who shared their time and thinking with us in 2025 for their candour, insight, and generosity.

We’re looking forward to keeping the conversation going. Shaping the Future With… will continue with more conversations, more perspectives, and more insights from remarkable directors in 2026.