The Joy Of Working On Boards In Five Continents

Most Directors serve on boards in one or two countries. The argument often is that one has to understand the legal requirements and the cultural context. Is this the only way in our connected world?

In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, reflects with Christof Kutscher about his experience serving on boards in 20 countries on 5 continents.

Christof holds multiple key positions in the financial industry. He is Chairman of the Board of Directors at Bergos Private Bank, where he has served since 2019, and a board member of Carmignac Gestion, Indeez, and Gnothis Holding SA. Previously CEO and Chairman of Climate Asset Management, a joint venture between HSBC and Pollination from 2020 to 2023, he has also held leadership roles at prominent firms such as UBS Global Asset Management and AXA Investment Managers, where he served as Global Chairman from 2014 to 2019. His vast experience across asset management, sustainability, and board governance continues to make him a respected figure in the industry.

“Well, I didn’t start on five continents…”

Christof’s board career began in Switzerland and expanded across multiple continents over time. While his experience of serving on boards in different countries and cultures has been intellectually stimulating, he emphasises that the real differences in board dynamics often stem from the type of company rather than geography. Family enterprises, where a single individual may serve as founder, chairman, CEO, and even head of multiple departments, present unique and often challenging dynamics that aren’t typically encountered in listed companies. However, while there are distinct cultural differences between countries, Christof explains that the core principles of board governance remain largely the same. His extensive international experience has enabled him to navigate these complexities and add value to companies around the world.

“I said, ‘No, I’m not looking for a job’”

Christof explains how his global board career started with some ex officio roles. As a senior manager in a large global bank, his work naturally extended across many countries. Initially, he served on country boards in Europe, but as the bank expanded, he joined boards in Asia Pacific and joint ventures around the world. He says this was invaluable training, offering deep cultural insights and a firsthand understanding of how different countries approach board governance. This varied exposure shaped his ability to adapt and thrive in various cultural settings.

After leaving his senior role, Christof decided not to seek another executive position. Instead, he was quickly approached to take on significant board roles, becoming chair of a major company and then simultaneously serving on boards in Korea and France. Christof credits much of his success to networking and building a solid reputation built on trust, transparency, and the ability to navigate different cultures effectively, which has only enriched his ability to serve on boards worldwide.

“I typically don’t steal the money, and I’m culturally adaptable”

When asked how he initiated and developed his global network, Christof emphasises that it’s all about trust and delivering more than expected. He explains that board roles are heavily trust-driven, and having a solid reputation without any risky experiences in your background is key to gaining and maintaining that trust. While he continues to receive board invitations through headhunters, he feels that his reputation for integrity and cultural adaptability often opens the door.

Christof believes people know he is not “in it for the money” and can navigate different cultural environments, which is vital when working with international boards. He also stresses the importance of being selective, and where he recognises that a particular role isn’t a fit, either due to a conflict of interest or because something is structurally wrong within the board itself, he won’t be able to contribute effectively, and it’s important to step back. Christof’s advice highlights the importance of reputation, cultural sensitivity, and knowing when to say no. He has built a strong, global network throughout his career by focusing on trust and contribution.

“I love the deep dive to understand the company, the industry, the strategy”

Christof applies a strict set of criteria when evaluating board roles, often recognising whether a position will be a good fit early. He emphasises assessing whether the role aligns with his values before committing.

Christof explains that he has never wanted to be a “token” board member, which he sees as being a decoration rather than a real contributor. He explains that some companies seek board members with solid reputations but don’t expect them to contribute to key responsibilities such as strategy, CEO selection, risk, and compliance. These have a more passive role, with decisions prepared by legal or other departments, leaving little room for meaningful input. He prefers to dive deep into understanding the company and engage in debate with fellow board members and senior management.

“It’s become trendy, and it can be good to say you are on the board of a high-growth tech startup”

A good board member in the startup context needs to be highly available and committed. Irene points out that while it has become ‘trendy’ to be on the board of a high-growth tech company, the real value comes from being genuinely invested in the company’s success. Building trust with the founders and fellow board members is essential, as startups frequently face make-or-break moments.

She explained that fundraising is one key area in which board members add value. Leveraging personal networks to bring in co-investors and introducing potential future investors is a significant contribution, especially during critical funding rounds. Another critical component is offering deep industry expertise, which helps guide the startup through its early stages and prepares it for eventual growth and maturity. As the startup progresses, board members need to bring insights from the corporate world to help the company transition into a more established entity. This includes staying ahead of regulatory developments. In sectors such as AI, where regulation is rapidly evolving, board members play a crucial role in ensuring the startup builds robust governance frameworks early on. Her advice is that being proactive about regulatory compliance can save startups considerable challenges down the road, especially in regions with stringent regulations, such as Europe. Overall, the best board members combine hands-on involvement with strategic foresight to guide startups through the highs and lows of their growth journey.

Christof believes a board’s value lies in its ability to contribute meaningfully. He also finds that advisory boards can offer more stimulating discussions than formal boards, as they focus more on generating ideas rather than dealing with corporate politics. He also stresses the importance of diverse boards, not just in gender but in experience, personality, and perspective. A one-dimensional board, he warns, is risky. He also highlights the need for board members to have recent, relevant business experience, cautioning that those out of operational roles for too long may lose touch with today’s business realities. Refreshing a board with members from different generations is key to its long-term success.

“It was very clear from the beginning that I should be chairman of the board because I helped to develop the idea”

When asked how he stays connected to executive life, given that his executive role was some time ago, Christof clarifies that this isn’t the case. He explains that four years ago, an Australian company approached him to set up a new business in asset management, specifically related to carbon credits and natural capital. It was a completely new space, and he brought together two companies to form a joint venture and was initially involved in developing the concept. Given his pivotal role, it was clear he should serve as board chair. However, when the pandemic hit, they faced a challenge, with no CEO and it being impossible to recruit. The board looked to him to step in, and he became the CEO, managing the company for four years, building it from scratch through the difficulties of the pandemic. He describes this experience as a “full-time, 450% commitment,” offering a valuable opportunity to reconnect with modern business practices. Working alongside a younger team, he immersed himself in the dynamics of a new generation, allowing him to experience firsthand how corporate culture has evolved, how younger generations shape businesses, and what it takes to keep them engaged. Having stepped down from that role a year ago and not currently in an executive role, he hints at the possibility of launching a new business in the near future.

The three top takeaways from our conversation are:

• Avoid boards with people with egos so high that the board cannot operate. Individuals may be influential, incredibly smart, and experienced, but they must ensure their ego does not get in their way to help the company.
• Make sure that the board is doing what it’s supposed to do. It’s about strategy, setting, compensation of senior management, risk management and liabilities, so all the regulatory stuff. You can have the best director insurance on the planet, but you will run into trouble if you don’t do that properly.
• 3. After you are on the board for six months or so, decide if you can really contribute to the board or whether to get out early rather than wasting your time but move quickly. Take the decision whether this is right or wrong for you very quickly, and if you are smart, you will find another board role and have just added one set of experience to your CV.

 

Remember to subscribe and never miss an episode of the Better Boards Podcast Series. It’s available on Apple, Spotify, or Google.

 

To find out how you can participate in the Better Boards Podcast Series or for more information on Better Boards’ solutions, please email us at info@better-boards.com.