The Boardroom Path

• Charles Hall on the Public vs. Private Market: An Analyst's Guide for Boards and Founders

  Is the UK public market truly a dinosaur, or is it on the cusp of a major renewal? In this essential episode for aspiring and newly appointed Non-Executive Directors, host Ralph Grayson is joined by Charles Hall, Head of Research at Peel Hunt. Charles, a leading voice in the market reform debate, delivers a candid and incisive analysis of the forces shaping UK capital markets, critiquing the "erosion of public listings" and the over-reliance on private capital. He argues passionately that public markets are a "public good" that pay more tax and offer "permanent capital". They dissect structural challenges like the growth of passive investment and explore the crucial policy changes needed in pension fund allocation to keep successful, high-growth UK companies listing at home. Despite a recent "shift in sentiment" and strengthening IPO pipeline for 2026, Charles warns the UK cannot be complacent in the fight to retain its leading businesses, noting the "fundamental flaw" that sees the UK export over £1 billion every year in pension capital overseas. This is a must-listen for board members seeking strategic insights on investor engagement, valuations, and the UK’s global competitive position.(00:00) - Welcome to The Boardroom Path (02:55) - Charles Hall's Career Journey (05:06) - Engaging with Investors (08:42) - Peel Hunt's IPO and Corporate Services (11:19) - Global Macro Outlook and UK Strategy (14:03) - Challenges in UK Public Markets (18:14) - The Importance of UK Equity Markets (24:28) - Innovations and Future of UK Capital Markets (35:52) - The Role of Pension Funds and Scale-Up Capital (48:30) - Positivity in the UK Public Market Charles Hall: Head of Research and an experienced Consumer sector analyst at Peel Hunt, one of the UK's leading investment banks. He leads an operation covering over 400 UK small and mid-cap stocks and is a widely recognised advocate for the revitalisation of UK capital markets and pension reform. He was the top-ranked analyst in the UK Mid & Small cap market overall in the 2021 Institutional Investor (Extel) Survey for the fifth consecutive year.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.Episode Insights:Analysts possess a deep, privileged pool of knowledge on strategy, competitors, and disruptive technology that boards should tap into, going beyond mere share price maximisation.Public markets are fundamentally beneficial for the UK economy because listed companies pay more tax (corporation tax, dividends, stamp duty) and are held to a high degree of honesty and accountability.A major structural problem is the extensive export of domestic capital via DC pension schemes, which invest predominantly in global, often US-listed, equities, starving growing UK companies of scale-up capital.Listing in the US is "definitively not nirvana"; for most UK companies, they would be "minnows" and would not automatically gain a higher valuation or access to passive fund flows.Public listing provides "permanent capital" that never has to be refinanced or repaid, enabling companies to take a long-term view unmatched by the cyclical nature of private markets.Action Points:Re-evaluate Investor Engagement Strategy: Boards should view their analysts and investors as critical partners who provide robust challenge and market-wide strategic insights, not just capital sources. Schedule formal sessions to tap into analyst knowledge on sector trends and competitor strategy beyond quarterly results.Advocate for Domestic Capital: Engage with policymakers on the urgent need for pension reform that incentivises UK pension funds to allocate more capital domestically, as currently DC schemes allocate less than 5% to UK equities. Highlight why investing in UK growth companies is a "win-win-win" for pensioners, funds, and the UK economy.Scrutinise Private Takeover Offers: When faced with an offer, look beyond the immediate valuation to the underlying cause: poor capital flows and market sentiment. Understand that reversing capital outflows would quickly improve domestic valuations and reduce the perceived "bargain" available to overseas acquirers.Embrace Transparency for Trust: Recognise that the constant scrutiny and glare of publicity from analysts and journalists is a key strength of public markets, creating a "high degree of honesty". View this transparency as a vital governance strength that prevents systemic issues seen in less-scrutinised private entities, such as Thames Water.Foster Entrepreneurial Culture: Work to create a culture where entrepreneurs feel it is a "privilege to be listed in the UK". Actively encourage successful founders to reinvest their wealth domestically in the next generation of UK growth companies, fostering a 'go again' mindset.The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. Subscribe now, and take your first confident step along The Boardroom Path.Learn more about Sainty Hird & Partners at saintyhird.com.The Boardroom Path is produced by Story Ninety-Four in Oxford, UK. 

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• The Scale-Up Capital Crisis: Alasdair Haynes on Why the IPO Process Must Change

  Is the UK truly "rubbish" at scaling up its most promising companies?Host Ralph Grayson welcomes financial markets trailblazer Alasdair Haynes, founder and now President of Aquis Exchange, for an honest discussion on building and scaling a disruptive business. Alasdair shares his 48-year journey, from City trading floors to successfully exiting Aquis to SIX Group, and provides a firsthand account of the founder-to-President transition. The conversation dissects the critical importance of board evolution and founder succession planning, emphasising that it must be for the "common good" of the company, not a mere "tick box exercise". They dive deep into the urgency of reforming the equity markets to make the IPO process more straightforward, cheaper, and faster for small, growth companies. This push for public market revival is especially relevant as global IPO proceeds surged 89% year-over-year in Q3 2025, demonstrating renewed investor confidence worldwide. Alasdair introduces his "three stages of company growth" model and passionately argues for a governance structure that is proportionate, allowing entrepreneurs to focus 90% of their time on building the business.(00:00) - Introduction to The Boardroom Path (02:51) - Alasdair's Early Career and Lessons Learned (06:15) - The Importance of Board Evolution (08:38) - Mentorship and Board Dynamics (11:12) - Founder Succession Planning (17:17) - The IPO Market and Growth Capital (26:08) - Public vs. Private Boards (38:26) - Final Thoughts Alasdair Haynes: Founder and President of Aquis Exchange (SIX Group). A visionary financial markets executive with nearly five decades of experience, Alasdair is celebrated for disrupting traditional exchange models, notably by pioneering a subscription-based pricing structure at Aquis. He previously served as CEO of Chi-X Europe and is an inaugural Chair of TheCityUK's Business Council, and sits on the UK FCA's Practitioners' Panel. His expertise lies in championing open, fair, and innovative capital markets and reforming the accessibility of scale-up capital for growth companies.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.Episode Insights:The essential differences between the board needed for a startup, an IPO, a scale-up, and an acquisition.Why founder-CEO succession is never a tick-box exercise and the two critical reasons a plan is always necessary.How to use psychometric analysis (EQ/IQ) and communication methods to build a stronger board-to-executive relationship.Alasdair Haynes’ 'three school' model for companies and how it applies to the proportionality of governance for different growth stages.The core challenges of the UK’s scale-up capital market and the need for radical change to make IPOs easier and cheaper.Action Points:Evaluate Your Board's Stage-Fit: Review your current board's composition against your company's immediate strategic phase (e.g., startup, scale-up, exit). If your board hasn't evolved with the business, plan a change to ensure you have directors with the necessary expertise, such as acquisition experience for an exit.Implement Proportionate Governance: Challenge the idea that one size fits all for governance. If you are a small company, ensure your governance structure is proportionate to your size and allows management to focus most of their time on the core business rather than excessive compliance reporting.Prioritise the CEO-Chair Relationship: As a founder or CEO, dedicate time to fostering a relationship of deep respect and support with your Chair. This relationship is critical to the company's success; if it breaks down, the company will face significant issues.The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. Subscribe now, and take your first confident step along The Boardroom Path.Learn more about Sainty Hird & Partners at saintyhird.com.The Boardroom Path is produced by Story Ninety-Four in Oxford, UK. 

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• The Helicopter View: Mastering the Executive-to-NED Transition

  Do you struggle to articulate your value in the boardroom, or feel trapped in the 'executive doer' mindset? Host Ralph Grayson is joined by Fiona Hathorn, CEO of WB Directors (now part of Nurole) and an expert in Governance and Talent Management, to dissect the challenges and strategies for building a thriving Non-Executive Director (NED) career. Fiona shares her personal journey and the mission behind WB Directors, emphasising that you are "never too young, never too old, and never too male" to be on a board.The discussion provides tactical advice, from using the 'seven reasons' to be on a board to understanding the core NED functions of conformance and performance. Critically, Fiona highlights the current board landscape undergoing significant transformation, driven by technology and geopolitical risk. For instance, a recent NACD survey reports that 67% of boards are now actively seeking individuals with specific domain expertise, such as AI or data ethics, rather than just a generalist background. Learn how to elevate your pitch beyond your executive CV, master the art of constructive challenge, and build the right network to secure your seat at the table.(00:00) - Introduction to The Boardroom Path (03:10) - Fiona's Career Journey and Early Influences (05:25) - The Mission and Evolution of Women on Boards (08:03) - Services and Offerings of Women on Boards (13:03) - Joining Forces with Nurole (14:50) - The Importance of Board Experience (18:01) - The Role and Skills of an Effective NED (20:56) - Debunking Boardroom Myths (26:55) - The Current Board Landscape (29:47) - Stakeholder Influence and Transparency (32:34) - Adapting to Technological Changes (38:28) - The Role of AI in Board Decision-Making (43:55) - Building a Successful Board Career Fiona Hathorn: Fiona is the CEO of WB Directors (formerly Women on Boards UK), now part of Nurole, a purpose-led business dedicated to increasing diversity in executive and non-executive leadership. An expert in Governance, Regulation, and Talent Management, she brings over a decade of experience from senior roles in asset management, having run global equities and emerging markets desks. She is also an advisor to Peel Hunt, Chair of the Nominations Committee at Hanx, and serves on the Advisory Board for the Global Institute for Women's Leadership at King's College London.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.What You’ll Learn in This Episode:The seven essential reasons a non-executive directorship is crucial for career development, viewing it as a mini-MBA.The critical mindset shift from being an executive ‘doer’ to an effective board ‘overseer’ who can scrutinise, challenge, support, and advise.How to build a board value proposition that goes beyond your executive CV by focusing on 'the so what'—the business benefit and outcome of your experience.Current boardroom priorities, including navigating the complexities of AI, geopolitical risk, and the leadership skill required to manage a diverse team in a VUCA environment.Tactical networking strategies, including the importance of developing a clear, third-person pitch, to access the 95% of board roles that are not transparently advertised.Action Points:Define Your Board Value Add: Stop describing your past job titles. Instead, unpack your executive career to identify specific stories where you added value to strategy, risk, or M&A situations. This process helps you create an intentional, compelling narrative that demonstrates your board value beyond operational execution.Master the Helicopter View: The role of a non-executive director is to oversee and not to 'do'—the helicopter should not land. Practice viewing challenges from a strategic, high-level perspective. Focus your contributions on the four core non-executive functions: scrutinise, challenge, support, and advise.Develop a Networking Strategy: Understand that 95% of board roles are not advertised and do not use headhunters. Create a spreadsheet of all former colleagues and connections and develop a proactive strategy to reconnect with them. This consistent, deliberate process is key to building visibility.Focus on Deep Technical Skill and Breadth: While deep technical skill (your 'T') is the reason a board may hire you, your 'breadth and depth' allows you to contribute to problem-solving and ensures you know when to speak—and when not to. Know the difference and articulate both clearly in your pitch.Conduct Thorough Due Diligence: Never be grateful for or accept the first board role that comes along. Conduct extremely thorough due diligence, as joining the wrong board that later fails can seriously damage your reputation. Ensure the board’s culture and strategy align with your values and expertise.The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. Subscribe now, and take your first confident step along The Boardroom Path.Learn more about Sainty Hird & Partners at saintyhird.com.The Boardroom Path is produced by Story Ninety-Four in Oxford, UK. 

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• The QCA Mission: Driving Investment for Small and Mid-Cap UK Boards

  Is the UK market finally ready for an IPO resurgence, and what must growth company boards do to prepare? Host Ralph Grayson welcomes James Ashton, Chief Executive of the Quoted Companies Alliance (QCA), a leading advocacy group for small and mid-sized quoted companies in the UK. James draws on his background in financial journalism and as a FTSE 250 Non-Executive Director to discuss the critical role of public equity in driving economic growth across the UK. They dive into the QCA’s mission to amplify members’ voices to regulators and government, their comprehensive governance guidance, and the new QCA Director Growth Programme, designed to equip directors with the skills needed to thrive in a fast-changing environment. With recent reports showing that businesses embedding AI into their operations are twice as likely to see value, James and Ralph also touch on emerging boardroom risks like AI, as well as the push for greater investment in UK equities through policy reform. This episode is essential listening for any current or aspiring board member operating in the UK growth company ecosystem.(00:00) - Welcome to The Boardroom Path (02:21) - James Ashton's Background and Role at QCA (03:36) - QCA's Mission and Impact (04:33) - Benefits of Joining QCA (06:11) - QCA's Network and Events (11:13) - James Ashton's Boardroom Experience (13:23) - QCA Corporate Governance Code (16:38) - QCA Director Growth Programme (20:35) - Current Trends and Challenges in the City (30:47) - QCA Future Events James Ashton: Chief Executive of the Quoted Companies Alliance (QCA), the organisation that champions the interests of the UK’s small and mid-sized publicly traded businesses and their advisors. James is a seasoned professional who was formerly the City Editor of the Sunday Times and Evening Standard and currently serves as a Non-Executive Director for the FTSE 250 investment trust, Finsbury Growth & Income. His expertise lies in advocating for market reform, boosting liquidity, and promoting the value of a public quote for growth.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.What You’ll Learn in This Episode:Why the Quoted Companies Alliance (QCA) is crucial for amplifying the voice of small and mid-cap public companies to regulators and government.The key components of the new QCA Director Growth Programme, including governance, legal responsibilities, and boardroom dynamics for high-growth firms.Current IPO sentiment in the City and what it would take to "light the IPO touch paper" this autumn.The fundamental difference between a FTSE 100 Non-Executive Director role and one at a small-cap growth company, where "sleeves are rolled up".QCA's legislative asks for the upcoming Budget, including the impact of stamp duty and ISA reform on UK equity markets.Action Points:Evaluate Your Code of Governance: Don't assume your company is a QCA member just because you follow the QCA Code. Review the latest version of the QCA Corporate Governance Code (refreshed in 2023) and consider incorporating its guidance for audit, remuneration, and nominations committees. This structured approach helps manage the "growing pains" associated with scaling a founder-led public company.Reassess Your Role as a Growth NED: Understand that a small-company board role requires "adaptability" and a willingness to be pulled into operational matters. If the company lacks a dedicated marketing director, for example, your marketing experience may be co-opted for projects. Reflect on your willingness to operate closer to "ground level" rather than purely at "35,000 feet".Amplify Your Company's Story: Recognise that a company's story, told through the perspective of its directors, is more credible with politicians and regulators. Translate abstract issues like low liquidity or poor valuations into real-world impacts, such as a factory not built or people not hired. Use your voice to directly support the QCA’s policy and lobbying efforts.Factor in Geopolitical Risk: Acknowledge that small and mid-cap companies are not immune to global issues, even if their main quotes are in London. Ensure that geoeconomics and tariff impacts are explicitly high on your board’s risk register, as international trading is common, even for smaller firms. Use QCA contacts to benchmark and discuss these pressures with peers.Invest in Boardroom Education: Consider joining a focused training course like the QCA Director Growth Programme to gain a comprehensive "toolkit for success". This course is designed specifically for the unique challenges of small and mid-cap boards on AIM, Aquis, and the Main Market. Investing in continuous professional development (CPD) is essential for effective constructive challenge and support.The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. Subscribe now, and take your first confident step along The Boardroom Path.Learn more about Sainty Hird & Partners at saintyhird.com.The Boardroom Path is produced by Story Ninety-Four in Oxford, UK. 

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• The Future of Governance: How AI Will Transform the Boardroom

  How can board directors move beyond being overwhelmed by thousands of pages of materials and start genuinely driving performance? This episode features Raffaela Rein, a seasoned tech entrepreneur and multi-board director, who argues that the current state of governance is unsustainable. She draws on her journey from BlackRock and launching companies for Rocket Internet to her roles on boards, including Porsche and IU, to highlight the critical gap in director support.Raffaela details the board effectiveness crisis, noting that, according to a recent PwC survey, over half of directors believe a colleague should be replaced, signalling board underperformance is at a breaking point. To solve this, she unveils BoardLens, her new AI-driven tool designed to act as a "personal Goldman Sachs analyst" for directors and investors. She explains how AI can synthesise complex board packs, flag narrative changes and discrepancies, and provide strategic memory across an entire investment portfolio, shifting the focus from mere compliance to performance-driven value creation. Discover why leading with an entrepreneurial mindset is the key to navigating the accelerating AI and sustainability transformations in the boardroom.(00:00) - Welcome to The Boardroom Path (01:12) - Meet Raffaela Rein: Tech Entrepreneur Turned Board Director (02:50) - Raffaela's Early Career: From BlackRock to Rocket Internet (04:20) - Building Career Foundry and Transitioning to Board Roles (06:15) - Raffaela's Experience with Porsche and Advisory Boards (13:16) - The German vs. Anglo-Saxon Governance Models (18:00) - Challenges and Opportunities in Board Work (20:49) - The Role of AI in Board Efficiency (23:40) - Introducing BoardLens: A Digital Board Office (34:05) - The Future of AI and Board Governance Raffaela Rein: A renowned tech entrepreneur and board director who has built a career at the intersection of innovation and emerging technologies. She is the Founder of BoardLens, an AI tool created to enhance board effectiveness and drive performance. She also founded CareerFoundry and WildWildVentures and currently serves on multiple boards, including the Porsche Sustainability Board, Private Equity Mutares, and the tech unicorn IU. She has also been recognised by Forbes as a Top Woman in Tech.Ralph Grayson: Ralph Grayson is a Partner in the Board Practice at Sainty Hird & Partners, bringing extensive experience in board-level recruitment, assessment, and advisory services. With a deep understanding of the corporate governance landscape, Ralph specialises in guiding senior executives as they transition into impactful boardroom careers. His thoughtful approach, combined with a passion for developing effective leaders, enables him to facilitate insightful conversations that equip aspiring and newly appointed Non-Executive Directors with the tools they need to succeed. Through The Boardroom Path, Ralph leverages his extensive professional network and expertise to empower listeners on their journey into the boardroom.What You’ll Learn in This Episode:Why the sheer volume of board preparation material (up to 2,000 pages) makes effective director oversight almost impossible.The fundamental difference between the Anglo-Saxon and German dual governance system, and how this affects CEO control and board oversight.How Raffaela’s new AI-powered solution, BoardLens, functions as a strategic analyst to flag risks and inconsistencies across board data.Why investors (PE/VC) serving on multiple boards are the primary clients for AI governance tools due to the complexity of portfolio oversight.The critical debate around AI replacing NEDs: the issues of liability, the need for human judgment, and the potential for greater diversity of thought.Action Points:Audit Your Board’s Effectiveness: Take an honest look at your current board’s composition, performance, and contribution to strategy. Start an internal discussion about the high percentage of directors who feel colleagues should be replaced and identify where your board lacks expertise to meet current business needs. Focus on encouraging candid feedback loops to improve individual and collective performance.Lead the AI Transformation from the Top: Recognise that AI adoption must be driven by example, starting with the executive team and board. Actively use enterprise-secure AI tools in your workflow and identify internal “champions” who are excited about testing and implementing AI to drive effectiveness and innovation. Use this leadership to set the cultural tone for responsible AI use.Prioritise Performance Over Compliance: Re-evaluate your board's agenda to ensure the majority of time is spent on solving high-value, hard strategic questions rather than just regulatory compliance. Use AI tools to automate the time-consuming preparation and compliance work, freeing up human directors to apply their judgment and experience to complex problems.Establish a Strategic Memory System: For investment funds and companies with high board turnover, implement a systematic method (like an AI platform) to store and track knowledge from past board discussions. This allows the firm to leverage collective experience on recurring challenges like incentivisation or growth phases, avoiding the recurring cost and delay of external consultants.Address the Knowledge Gap: Given that two-thirds of executives and directors report limited AI knowledge, proactively seek external upskilling opportunities or consider adding board members with deeper AI expertise. An improved “AI IQ” is necessary for directors to ask the informed, strategic questions needed to effectively oversee AI’s impact on strategy, risk, and talent.The Boardroom Path is the essential podcast for aspiring and newly appointed Non-Executive Directors (NEDs) navigating the journey from executive leadership to the boardroom. Hosted by Ralph Grayson, partner at Sainty Hird & Partners, each episode offers insightful conversations with industry leaders, seasoned board directors, and governance experts. Our guests share practical strategies, valuable perspectives, and actionable advice on how to effectively transition into board roles, maximise your impact, and build a rewarding NED career. Subscribe now, and take your first confident step along The Boardroom Path.Learn more about Sainty Hird & Partners at saintyhird.com.The Boardroom Path is produced by Story Ninety-Four in Oxford, UK. 

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