Finance
Reevaluating Board Composition
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By Dr. Robert Straw, CEO Zurich Campus, China Europe International Business School
In an era marked by volatility, uncertainty, complexity and ambiguity (VUCA), the effectiveness of a corporate board depends not only on the technical depth of its members but also on the breadth of their strategic and leadership capabilities. This article argues for recalibrating board composition, particularly in global corporations. It contends that the trend of appointing domain-specific experts to the board—a model likened here to a “Noah’s Ark” of paired expertise—is increasingly ineffective. Instead, the most resilient and high-functioning boards are those led by generalist leaders: former chief executive officers (CEOs), senior executives and operational general managers with track records of strategic oversight and people leadership. I propose a hybrid model that favors generalist board composition, supplemented by specialist consultants as needed, thus maintaining the board’s strategic integrity while ensuring subject-matter rigor.
1. The “Noah’s Ark” problem in boardrooms
Across many global boardrooms today, a familiar pattern has taken hold—a structure that mirrors the Biblical Noah’s Ark. For every critical domain, boards are stacked two by two: two cybersecurity experts, two marketing authorities, two finance veterans, two talent gurus, et cetera. The intent is risk mitigation and representation, ensuring every discipline has a voice. Yet this Noah’s Ark strategy, while symbolically complete, is strategically flawed.
Rather than charting a bold course, these boards often resemble floating zoos of expertise, in which directors are isolated by often outdated specialties and are overly deferential to their functional peers. As each pair narrows its focus to its specific discipline, the board risks losing the cross-functional integration and strategic oversight essential to corporate governance. This leads to fragmented accountability, outdated expertise and authority bias—quite often to the advantage of and/or burden on the chairperson.
Roberta Sydney explicitly critiqued this model. “Generalists—rather than specialists—make for great board directors…to be better prepared to govern in times of uncertainty.” The problem is not that specialists lack value; it’s that the permanence of their board seats can create intellectual silos and stagnation.
The academic literature supports this observation. Yaron Nili and Roy Shapira noted in the Yale Journal on Regulation that appointing specialists may, in fact, reduce the diversity and quality of strategic debate. “Authority bias leads to suppression of diverse viewpoints,” they argued, “particularly when the specialist has been recruited under the premise of exclusivity of knowledge.”
The alternative is to rethink the ark: not as a static collection of experts, but as a vessel guided by navigators—generalist leaders who can synthesize, question and direct. These are individuals who have operated companies, not just departments; who have balanced growth and risk, not just analyzed it; who bring perspective, not just credentials.
In this article, I argue that the future of corporate governance lies not in Noah’s Ark duplication of expertise, but in empowering generalist captains who can integrate functional insights and steer with strategic clarity. Functional experts should remain part of the picture—as consultants, advisory panelists or rotating guest participants—but not permanent fixtures at the helm.
2. The limitations of specialist-dominated boards
2.1 Obsolescence of expertise
Expertise, particularly in rapidly evolving fields such as cybersecurity or digital marketing, has a half-life. A director whose reputation is grounded in achievements from a decade ago may no longer be equipped to handle contemporary challenges in that domain. As Sydney remarked, “Expertise earned in the past can easily become obsolete when not continually tested in real-time environments.”
Nili and Shapira found that directors labeled as specialists often experienced a depreciation of influence over time, especially when their technical knowledge failed to align with emerging trends or technologies. In effect, these directors may inadvertently become liabilities rather than assets.
2.2 Authority bias and groupthink
When boards rely heavily on domain specialists, they risk developing a cognitive dependency on those individuals, leading to authority bias. This creates a boardroom dynamic in which certain directors dominate conversations in their areas of specialized expertise, while other members hesitate to challenge or question their contributions.
As Nili and Shapira noted, “Authority bias leads to suppression of diverse viewpoints, particularly when the specialist has been recruited under the premise of exclusivity of knowledge.”
This contributes to groupthink, which may hinder the board’s ability to critically evaluate, discuss and challenge strategic decisions from a multi-dimensional perspective.
2.3 Fragmented oversight and responsibility silos
A board composed of function-specific experts risks devolving into a confederation of silos. Each director may focus narrowly on his or her area, resulting in an aggregation of perspectives rather than an integrated strategic vision. This is antithetical to the board’s purpose, which is to provide overarching governance and align on long-term value creation.
Moreover, these silos can lead to poor communication and accountability. For example, cybersecurity may be deemed “handled” because a former chief information security officer (CISO) is on the board, but this individual may not be aligned with current best practices or may fail to integrate the issue into a broader risk framework.
2.4 Firms exemplifying the Noah’s Ark-like board composition
According to my framework evaluation, the following companies have (had) boards predominantly composed of domain-specific experts, which may lead to fragmented oversight and a lack of cohesive strategic direction:
- Credit Suisse Group AG
- Prior to its acquisition by UBS in 2023, Credit Suisse’s board was heavily populated with specialists in risk management, compliance and technology.
- The lack of generalist leadership contributed to challenges in strategic oversight and cohesive decision-making. We all know what happened here.
- Synopsys Inc.
- The board includes individuals with deep expertise in software, semiconductors and related technical fields.
- While this brings valuable insights, in my view, the board lacks a sufficient number of generalist leaders with broad operational experience.
- Ansys Inc.
- Ansys’s board comprises individuals with substantial experience in the engineering and technology sectors.
- The composition leans heavily towards technical expertise, potentially limiting broader strategic perspectives.
- Dell Technologies
- The board is composed of members with extensive backgrounds in technology and engineering.
- This concentration of technical expertise may result in a narrower focus on operational and strategic issues.
- NVIDIA Corporation
- NVIDIA’s board includes several members with strong technical backgrounds in graphics processing and computing.
- While beneficial for product development, this may limit diverse strategic viewpoints at the board level.
3. The strategic value of generalist leadership
3.1 Systems thinking and integration
General managers bring a systems-oriented perspective, honed by years of operational leadership, cross-functional collaboration and enterprise accountability. Unlike specialists, they are not confined by functional dogma and are more adept at evaluating trade-offs, interdependencies and strategic timing.
Generalists also tend to excel in scenario planning, a crucial skill in the VUCA landscape. Their exposures to multiple business cycles, regulatory environments and stakeholder contexts equip them to contextualize issues that transcend functional boundaries.
3.2 Leadership and people-management acumen
Boards are not merely technical advisory bodies; they are fiduciary stewards responsible for setting the tone, culture and long-term direction. As such, directors need more than technical knowledge—they require leadership. Generalists who have led large teams and managed significant P&Ls (profits and losses) bring firsthand knowledge of how strategic decisions impact people, performance and profit.
As Roberta Sydney put it, “Great board members are not those with the narrowest expertise but those with the broadest capacity to lead, challenge, and support from a holistic standpoint.”
3.3 Enhanced strategic dialogue and decision-making
Strategic oversight requires directors to ask the right questions, not just provide the right answers. Generalists, with their cross-functional experience, are often better positioned to identify gaps in strategy and explore unintended consequences. They can bridge specialists’ knowledge without becoming trapped in it.
The National Association of Corporate Directors (NACD) has emphasized that effective boards engage in strategic conversations that go beyond operational details. This necessitates board members who can traverse diverse domains and synthesize insights.
3.4 Seven global firms with best-in-class generalist boards
Here are seven “best-in-class” global firms with board compositions that reflect their strong commitments to generalist leadership, strategic breadth and cross-functional oversight. These boards embody the antithesis of the Noah’s Ark model by prioritizing operational experience, enterprise leadership and integrative thinking over siloed technical specialization.
- Best Buy Co., Inc.
- Why it stands out: Includes seasoned CEOs (Corie Barry, Hubert Joly) and chief financial officers (CFOs) (Karen McLoughlin), blending operational, digital and financial acumen.
- Governance strength: The board is involved in long-range planning and organizational culture, not just functional compliance.
- Nestlé S.A.
- Why it stands out: Features former CEOs (Paul Bulcke), global executives and experts in nutrition, marketing and ESG (environmental, social and governance).
- Governance strength: Diversity of leadership backgrounds contributes to long-term strategic alignment across global markets. P.S.: There’s not a single Swiss on the board, although it is Swiss-based.
- Microsoft Corporation
- Why it stands out: Strong mix of tech innovators (Satya Nadella, Reid Hoffman), policy leaders (Penny Pritzker) and investors (Hugh Johnston).
- Governance strength: The board’s composition enables foresight in innovation and adaptability to policy and market shifts.
- Unilever PLC
- Why it stands out: Board members have held leadership positions across consumer goods, sustainability and emerging markets.
- Governance strength: Emphasizes a purpose-driven strategy with operational execution.
- Procter & Gamble Co.
- Why it stands out: Broad operational experience across marketing, international business and corporate strategy.
- Governance strength: The board is known for supporting long-term innovation while managing scale and complexity globally.
- ABB Ltd.
- Why it stands out: Chaired by Peter Voser (former Shell CEO) with board members including industrial CEOs, CFOs and operational leaders (e.g., Atlas Copco, Caterpillar Inc.).
- Governance strength: Industrial and engineering complexity is matched by real-world general-management experience across sectors and geographies.
- UBS Group AG
- Why it stands out: Although historically more specialized, the current board reflects a shift towards generalist leadership: banking CEOs (Gail Kelly), macroeconomists (William Dudley), policy advisors and digital leaders. This board has learned from the Credit Suisse debacle, ensuring that it moves towards a more generalist approach.
- Governance strength: Increasing emphasis on governance, geopolitical awareness and technology strategy with global integration.
4. The hybrid model: Generalists with consultative experts
A growing number of governance experts advocate a hybrid model in which boards are composed primarily of generalist leaders while subject-matter experts are brought in on an ad hoc or consultative basis. This model preserves the board’s strategic bandwidth while still incorporating the latest expertise in fast-moving domains.
The Harvard Law School Forum on Corporate Governance wrote, “Adding a director with a narrow range of expertise may reduce the quality of board discussions on other, more prevalent topics on the agenda. A better approach is to access specialist knowledge via external advisors or advisory boards.”
This approach is not merely theoretical. Many high-performing boards have established external advisory panels or rotate in technical experts for specific strategic reviews or quarterly deep dives. These consultants provide real-time insights without permanently altering the board’s structure or diluting its strategic cohesion.
5. Global governance implications
Global organizations require directors who understand international markets, regulatory systems and geopolitical dynamics. Generalists who have managed operations in multiple regions bring nuanced perspectives that specialists often lack. Their broader worldview is essential in aligning global strategy with local execution.
General managers are more likely to bring experience from multiple sectors, enabling boards to cross-pollinate ideas and practices. In contrast, specialists often have deep but narrow experiences, which can limit innovation or relevance across different contexts.
Generalists tend to be better crisis managers. Having led through downturns, restructurings and transformations, they are equipped to make swift, principled decisions under pressure. Their presence on the board strengthens institutional resilience.
6. Recommendations for board-composition policy
- Prioritize leadership track records in board recruitment.
Search committees and nominating boards should place greater emphasis on operational-leadership experience rather than on recent technical expertise. Candidates should be evaluated on their ability to synthesize, challenge constructively and lead across functions.
- Establish standing advisory councils.
Rather than embedding all needed expertise within the board, organizations should institutionalize external advisory councils composed of domain experts who can be called upon for in-depth consultations.
- Conduct regular composition audits.
Boards should assess their composition annually to ensure alignment with strategic needs, not just with compliance checklists. This includes identifying whether a board has become too narrow in its functional expertise and whether it retains integrative thinkers.
- Educate about governance over expertise.
Board-onboarding programs should stress fiduciary responsibility, enterprise leadership and strategic oversight rather than domain mastery. General governance capabilities should be cultivated and prioritized.
Conclusion
The composition of a board is one of the most powerful levers for corporate performance. In a globalized, fast-changing environment, boards must be able to operate above the fray of specialist silos. The evidence increasingly supports a model that privileges generalist leadership, enriched by specialist insight when needed but not dominated by it.
Don’t fill the ark—staff the bridge: Boards need navigators, not more passengers.
By adopting a generalist-first philosophy in board appointments, global corporations can foster more integrated thinking, sharper strategic oversight and greater institutional resilience. The Noah’s Ark model of expert duplication is outdated; what boards need today are strategic navigators who can steer through complexity—not passengers who specialize in reading one part of the map.
Finance
UNO restructures finance team, announces changes to campus
Editor’s note: WWNO is licensed to the University of New Orleans but is funded independently and reports on the university like any other school.
The University of New Orleans is making changes to its financial structure and campus as it prepares to transition back to the LSU System on July 1.
UNO, which officials have already started referring to as LSU New Orleans, has hired Jeanette Weiland as its interim chief administrative officer, a reconfigured role the school’s president says will strengthen its finances.
Weiland previously served as chief business officer of Tulane University’s School of Science & Engineering. She started on a contract basis in January and was hired as an employee on March 1.
In an email to staff this week, President Kathy Johnson said Weiland’s position will span more departments than before, making forecasting and budgeting easier.
“For many years, some of our financial challenges have stemmed from the way separate revenue sources have operated in parallel rather than in alignment,” Johnson said.
The university eliminated its vice president for finance and administration as part of the restructuring, Johnson said, and will hire an interim chief financial officer to work under Weiland.
Arlean Wehle had been serving in both roles, on an interim basis, after Edwin Litolff left for the University of Louisiana at Lafayette last summer. Johnson thanked Wehle for her “tireless work ethic, her steady leadership, and her unwavering commitment to our mission.”
UNO has struggled financially in recent years, which officials have attributed to low enrollment and poor management. The school currently enrolls fewer than 6,000 students, down from more than 17,000 at its peak before Hurricane Katrina.
While faculty and staff have specific concerns about the transition, according to a survey conducted by LSU, more than 60% of students, alumni and faculty support the move.
Officials have promised to revive the university by sharing system resources, eliminating some programs, expanding those it says are unique and successful — like UNO’s naval architecture and marine engineering school — and rebranding the campus as part of the LSU family.
In the same email, Johnson said UNO will lease a building to its neighbor, Benjamin Franklin High School, starting in June, and plans to close its oldest academic building at the end of the semester.
Franklin has been looking for room to expand, rather than cap its enrollment. The school plans to take over the Human Performance Center.
Johnson said the lease will strengthen the existing partnership between the two, “while generating revenue” that UNO needs. Franklin will move out of the classrooms it uses in a campus building that’s farther away, freeing those up.
The terms of the lease with Franklin are still being negotiated, Johnson said in an email to WWNO. It will likely go before the University of Louisiana System board in April, which UNO remains part of until July 1.
The Liberal Arts Building, the facility slated to close, houses the following departments: English, foreign languages, philosophy, history and elements of anthropology.
Johnson said the decision was reached based on UNO’s financial standing and a facility analysis by an outside firm.
“This is not a decision made lightly,” she said in the email. “We simply do not have the resources required to restore it to acceptable standards.”
Departments housed in both impacted buildings will be relocated to other parts of the campus.
Finance
Ethics Commission launches interim site for local campaign finance reporting

The Oklahoma Ethics Commission has launched an interim local campaign reporting portal amid growing concern that a state law change and an aborted Guardian System upgrade left the public without access to municipal, county and school board candidate finances.
Late last year, the Ethics Commission restored its legacy Guardian System for state candidate committees and lobbyists to file their financial disclosures. The commission had been attempting to upgrade to a system known as Guardian 2.0, but the switch floundered and ultimately fell apart, forcing the agency to change providers and revert to its original system.
In anticipation of Guardian 2.0, the Oklahoma Legislature passed a new law last year requiring local candidates for office to file their campaign reports with the Ethics Commission instead of city and county officials. But the legacy Guardian System to which the agency reverted does not accomodate filing information or data for candidates in county and municipal races.
Tuesday’s launch of the interim site covers some of those gaps, but data is still being uploaded to it. As of Friday, March 6, filings from only about a dozen candidates are listed for public review.
“Oklahoma voters deserve transparency at every level of government,” Ethics Commission executive director Lee Anne Bruce Boone said in a statement. “This interim portal ensures the disclosure continues without delay while full electronic integration is finalized.”
Search filings:
LocalCampaignFilings.ok.gov
The commission’s new responsibilities over local elections have come as a result of SB 890, which took effect Nov. 1. It requires candidates for county and municipal offices to file their campaign finance reports and personal financial information at the state level. In years past, those filings were typically handled by county election boards or city clerk offices.
At a meeting in February, Bruce Boone said it could take up to 15 weeks for Civix, the software company that developed the original Guardian System, to update the current platform.
That has left some local candidates with questions about how to file reports and how the public can see them. Some candidates have been pressed to post their own reports on social media ahead of the April 7 election, while others interested in the information have had to make individual requests by email or phone to the Ethics Commission, which has then requested reports from candidates. More than 3,000 municipal and county filings are expected to be uploaded on the Guardian System eventually.
Aaron Wilder, who manages local campaigns in Oklahoma, said the interim system is a step in the right direction.
“I’m glad that they have provided some kind of option,” Wilder said. “I really thought that the kind of excuse that they were giving — that there was nothing they could do in the interim because of their staff capacity and technology needs — was lacking, and so that was true, because they were able to quickly set this up in the last month.”
Questions remain about filings
According to Bruce Boone’s press release, local candidates can submit finance reports through the interim portal while full system integration remains ongoing. Still, Wilder has concerns.
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‘This is a problem’: Local election campaign finance reports in limbo by Andrea Hancock
“What is missing right now is just clear guidance and communication from the Ethics Commission on what local campaigns should be doing at the moment,” he said. “The only reason I would know that this is now available and something that local campaigns can use, is because I’m subscribed to the Ethics Commission email (list). So I got a notice from their email system that, ‘Hey, this is available.’ And so then going back to that, I mean, I have not seen any kind of effort from them to really communicate about this beyond just pushing out to their email list. And nothing here is required, as far as my reading of it. It’s kind of like, ‘Comply if you would like to.’”
Oklahoma County District 2 Commissioner Brian Maughan is not up for reelection this year, but he is still required to file regular Ethics Commission fundraising reports. He said that who donates to candidates and how much money they raise is of interest to the public. Indeed, some citizens expressed concern leading up to and after February’s municipal elections that they were unable to see candidates’ full financial disclosures.
“It’s not often that we get major press coverage for these local races,” Maughan said. “That’s why I think it’s been important for the citizens to be able to go down there and retrieve our records, because a lot of the time, if the public is going to find out, it’s usually from their own effort to go and review the records. Over the years, I’ve been really surprised at the number of people who go out and do that. Because it’s important to them to know who’s supporting not only the incumbents, but the challengers.”
Maughan said he was told by the Ethics Commission to retain data on fundraising and give it to citizens who ask him for it.
“What they told me was that, for the time being, you file it with yourself, but we have to produce it upon any citizen requests for it,” he said. “I don’t keep those records at the courthouse, but theoretically, anyone should be able to make it available within one business day. It’s relatively similar to how it was when you would show up at the (county) election board or Ethics Commission and ask for it. You would typically get same-day service. ‘We should still be able to provide that to citizens,’ is the instruction that I received. And we were like, ‘Aren’t you sure that we [shouldn’t] let somebody else just have them on file?’ And they said, ‘No, not for now.’ They said they will get back with us and we will have time to upload it to the new system, but for now, if somebody asks you, you’re still supposed to provide it.”
Finance
Arsenal Braced for Shock Sale to Combat Looming Financial Issues—Report
Arsenal will be forced into selling at least one first-team player at the end of the season as last summer’s $359 million spend catches up with them, a report has revealed.
Arsenal parted ways with vast sums for an array of transfer targets before the campaign commenced, with Eberechi Eze ($90.2 million) and Viktor Gyökeres ($85.1 million) among the expensive additions.
An enormous outlay has facilitated an incredible campaign to date for Mikel Arteta’s side, who are currently perched first in the Premier League and can still secure an unprecedented quadruple of trophies.
However, according to The Telegraph, Arsenal will need to raise funds through player sales this summer to ensure they comply with the Premier League and UEFA’s financial regulations.
Internal discussions are already taking place over which first-teamer(s) could yield the greatest transfer fee and profit to help Arsenal balance the books. A host of names are potentially on the chopping block.
Few Safe From Arsenal Departure
Certain individuals will undoubtedly be off limits when sales are sanctioned at the end of the season—Bukayo Saka, Declan Rice and William Saliba to name a few—but Arsenal might have to be ruthless with their outgoings.
According to the report, even skipper Martin Ødegaard is not immune to being pushed out the exit door, the Norwegian’s low value on Arsenal’s balance sheet paving the way for a mammoth profit if he’s sold. However, he’s still considered a hugely important figure at the club.
Gabriel Martinelli is another who is under consideration given his colossal transfer value, while Gabriel Jesus, Leandro Trossard, Kai Havertz and Ben White are other potential candidates for the boot as their contracts tick down.
Arsenal’s current preference is likely to be offloading one of their two precocious academy graduates: Ethan Nwaneri and Myles Lewis-Skelly. Neither are eager to leave the Emirates Stadium but their sales would count as pure profit given they have come through the club’s youth setup. Past sales of Emile Smith Rowe and Eddie Nketiah show Arsenal are not averse to selling homegrown talents.
The Gunners are expected to be protagonists in the transfer market again this summer as Arteta looks to build a dynasty, while the arrival of Piero Hincapié on a permanent deal worth $60 million adds to their desire to cash in on some of their stars.
Who Should Arsenal Offload This Summer?
Contracts will come under the microscope when Arsenal consider sales. There are currently four players whose deals expire in the summer of 2027—Martinelli, Trossard, Jesus and Christian Nørgaard.
Martinelli and Nørgaard both have clauses allowing Arsenal to trigger a one-year extension and while the latter holds little transfer value, Martinelli would certainly command a hefty fee if he were to depart. The Brazilian has struggled to take the step to superstar status but is still just 24 years old.
Arsenal could therefore turn to Trossard or Jesus. The former will be 32 years old and the latter 30 by the time their deals run out, meaning extensions are unlikely. Cashing in this summer might be the wise move, although neither are likely to be a truly blockbuster sale.
Havertz’s injury issues and the fact his deal expires in 2028 make him a possibility, while White is certainly a luxury option in a well-stocked Arsenal backline.
Fortunately following years of cultivation, Arsenal will be able to cover for sales this summer given their immense squad depth.
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