In our Shaping the Future With… series, we explore the perspectives of directors who are redefining what governance looks like. In this edition, Watson Partner Rachel O’Connor speaks with Estelle Métayer — seasoned director, strategy expert, and trusted advisor to family enterprises — about navigating complexity, fostering independence with empathy, and helping boards elevate above the noise to shape their organizations’ futures. 

Also: pirates, kitchen invitations, and why Imagine is her governance soundtrack. 

Rachel O’Connor: Estelle, thank you for making time to share your experience. We always start these interviews in the same place: what is your definition of good governance? 

Estelle Métayer: To me, good governance is about being transparent and crystal clear on the rules of engagement. It ensures that the organization and its people behave ethically and fairly, and that the company is built to be healthy and sustainable for the long term. 

Good governance is about being transparent and crystal clear on the rules of engagement.

ROC: I love that. It reminds me of the idea of governance as the guardrails — they aren’t driving the car, but they are keeping you pointed in the right direction and within the boundaries of the road. 

EM: Exactly. And the question of who defines what within that depends on the organization. It could be shareholders, regulators, or family members. There’s always a diverse set of stakeholders to consider. 

ROC: Speaking of families, you do a lot of work with family businesses. What’s different about governance in that context? 

EM: Well, it always depends on the family, but the fundamentals aren’t that different — it’s just more complex. You’re adding layers: family dynamics, history, relationships, legacy. You may be dealing with multiple branches of a family, several generations, or hundreds of family shareholders.

As an independent director, you have to invest time to understand those dynamics. You need empathy, judgement, and a strong sense of independence. There are inherent conflicts of interest in family businesses, and you have to hold onto your ability to exercise objective judgement, no matter what. 

ROC: I imagine it’s valuable for independent directors to consciously keep a bit of distance in those relationships, so you preserve your objectivity. 

EM: Absolutely. There’s a fine line between being a trusted advisor and becoming a friend. One family member once told me, “You’re invited to the kitchen, but you’ll never get to the living room.” And that’s exactly as it should be. If you cross that line, you lose your ability to help the family navigate conflict and crisis objectively.

And in the end, you always have to stay grounded in this principle: you’re working for the organization. If the company is thriving, the family will thrive too. That helps you stay centred when things get complicated.

There’s a fine line between being a trusted advisor and becoming a friend…If you cross that line, you lose your ability to help the family navigate conflict and crisis objectively.

ROC: You’ve had such a fascinating career across governance, strategy, and family enterprise work. What connects all of it for you? 

EM: Governance is probably the most complex role I’ve ever done. You need to understand strategy, HR, finance, ESG, and more. But the heart of it is helping simplify complexity. 

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. I call it elevation — rising above the noise to focus on what will truly drive the future of the organization. 

In family businesses, I often think of it like being on a boat. Strategy defines where the boat is going; governance sets the roles — who’s the captain, who’s looking ahead, who’s rowing. And the boat represents the family’s legacy and future. If no one knows the direction or the roles, you won’t go far. 

The heart of [governance] is helping simplify complexity.

ROC: If we continue the boat metaphor, you could say we’re in some pretty choppy waters right now – and there are storms and pirates on the horizon. How can boards navigate complexity and uncertainty effectively? 

EM: First, boards need to elevate — look beyond the immediate chaos and think about the next two to five years. 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. I love to talk about the first horizon — what is happening now — but we also need to make time to explore what the future could look like. 

Second, boards need to actively manage their own anxiety. I’m seeing a lot of anxious board members right now, which doesn’t help management. 

Third, pay close attention to cash. In challenging times, scenario planning becomes even more critical — especially for family businesses that may choose to preserve client relationships or employee loyalty at the expense of margins in the short term. 

When management is dealing with emergencies…the board’s role is to stay calm, keep perspective, and ensure that future planning still happens

ROC: Are there particular downsides that family enterprises need to watch out for in turbulent times? 

EM: Yes. In my experience, family businesses are incredibly devoted to their employees’ wellbeing — more so than in other types of organizations. But their deep loyalty to employees can reduce flexibility around cost management. They may also have fewer options around capital, such as a reluctance to take on debt or outside investment. 

Their long-term view can also sometimes lead them to take risks that aren’t appropriate in a high-interest rate environment. And their founders’ optimism — often a huge strength — can sometimes cloud risk judgement. 

That’s where independent directors play a vital role in keeping boundaries clear and ensuring that risk is assessed transparently. 

ROC: Shifting gears, can you share an experience that really shaped your thinking as a director? Maybe a time when you made the wrong choice and learned a valuable lesson from it? 

EM: I once joined the board of a mid-sized company with a wonderful mission and a very charismatic CEO founder — but I didn’t do enough due diligence on the key shareholders. I later discovered that the CEO was more focused on visibility than running the business and that some investors had a very short time horizon. I ended up resigning, and the company went bankrupt a year later. I still wonder today if I should have stayed, rolled up my sleeves, and attempted to change the dynamics. 

It taught me the importance of doing deep due diligence on the owners and understanding the type of investors behind the company. Since then, I’ve learned that I’m most effective in governance contexts where investors are committed for the long term. 

I’ve learned that I’m most effective in governance contexts where investors are committed for the long term.

ROC: On the flip side, what life experiences have made you a better advisor? 

EM: I’ve always been curious about what’s at the edge. I went to South Africa to learn English during apartheid, witnessed the fall of the Berlin Wall, and saw Eastern Europe open. Those experiences taught me that even in chaos, opportunities exist if you approach them creatively and methodically. 

That mindset helps me in governance, particularly when working with organizations in emerging markets or during turnaround situations. 

Even in chaos, opportunities exist if you approach them creatively and methodically. 

ROC: One last question. If your life was a song, what would it be? 

EM: 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. 

It’s a powerful way to align across generations in family businesses too. I often ask them: what do you want this company to look like in 100 years? Having that conversation can guide decisions today, and ground them in what is truly important to the family.

Estelle Métayer is a globally recognized keynote speaker, trusted advisor to CEOs, and seasoned board member, renowned for her ability to connect the dots and spot emerging trends long before they appear on the radar. With the sharp, strategic eye of a pilot scanning the horizon from 20,000 feet, Estelle helps organizations see what others miss—identifying weak signals and turning them into powerful opportunities.

Her cross-industry expertise spans luxury, food, retail, automotive, and consumer goods, where she works with executive teams and boards to uncover and mitigate strategic blind spots. Estelle brings clarity and foresight to moments of high-stakes transformation, diversification, and accelerated growth, guiding companies through the complexities of competitive intelligence and future-proof strategy.

Notable roles include serving on the board of directors of family businesses of prominent global companies such as Martur (automotive in Turkey), Audemars Piguet (luxury watchmaking in Switzerland) as well as on the advisory boards of Family Offices in Canada and Switzerland. Past engagements include serving as Chair of the Board for Nortera (agro-food, Canada/US), board member for Bombardier Recreational Products, Ubisoft and directorships in real estate, dairy, entertainment, and blockchain technology sectors.