As public companies confront rapid technological change, increased regulatory scrutiny and heightened stakeholder expectations, the role of directors and senior legal officers continues to evolve. Those themes were front and center during the Baker Botts Public Company Women’s Summit in Dallas, where Texas women directors, general counsel and senior legal leaders gathered to discuss the issues shaping boardroom conversations. Hosted in partnership with the North Texas Chapter of the National Association of Corporate Directors, the program brought together women leaders from public companies across the state for discussions of fiduciary oversight and risk management, artificial intelligence, and pathways to corporate board service.
The Texas Lawbook covered the inaugural summit in Houston last year, organized by partners Natasha Khan, Carina Antweil and Eileen Boyce, which gave senior women in-house leaders a peer forum for the kind of cross-industry exchange many of them miss from law firm life. This year’s program brought that conversation to North Texas.
The highlight of the event was a fireside chat featuring former U.S. Sen. and Ambassador to NATO Kay Bailey Hutchison that was moderated by Samantha Hale Crispin, global chair of Baker Botts’ Corporate Department. Drawing on Hutchison’s decades of public service, the conversation provided a distinctive perspective on leadership, diplomacy, and decision-making during periods of geopolitical uncertainty, and the lessons those experiences offer corporate leaders and boards navigating an increasingly complex global environment. Discussion takeaways include:
- Geopolitical volatility should be a core boardroom and business consideration regardless of the industry and geography in which your business operates.
- Energy independence is inextricably linked to national security and economic resilience will drive investment.
- Business strategies should take into consideration the priorities and constraints of local, national, and international government. Corporate leaders who understand politics, diplomacy and regulation are better positioned to adjust their strategy without compromising the company’s business objectives.
- Embassies and consulates are underused business resources. These officials can help companies navigate challenges that may be difficult to resolve through commercial channels alone.
Baker Botts lawyers Bridget Moore, Sarah Dodson and Michelle Molner opened the summit with “Hot Topics in the Boardroom.” The panel discussed the continued evolution of Delaware’s Caremark oversight doctrine, artificial intelligence and board governance, and responding to cybersecurity and other emerging threats, including:
- The mission-critical risks that boards are expected to actively oversee continue to expand. Cybersecurity and artificial intelligence are at the top of the list and directors and corporate leaders should pay close attention to ensuring robust reporting systems are in place and that board engagement is well documented.
- AI tools are beginning to influence board preparation, information gathering and decision-support processes, while simultaneously creating new questions regarding confidentiality, privilege, record creation and fiduciary decision-making. Organizations should be evaluating not only how management uses AI, but also how directors interact with these tools and what governance frameworks should accompany their adoption.
Debra von Storch, chair of the NACD North Texas Chapter, also addressed board readiness and encouraged attendees to identify the attributes that differentiate executive leadership from board service. Her framework emphasized content, community and chemistry:
- Come prepared and bring judgment and independent thinking to the room.
- Actively engage in the board ecosystem.
- Develop relationships and display the interpersonal qualities that allow directors to contribute constructively in the boardroom.
The event served as both a substantive governance briefing and a forum to strengthen the connections of women leaders serving across Texas. The summit also draws on a deep Baker Botts network: About 150 of the firm’s women alumni currently serve as general counsel or C-suite executives. There is something powerful about bringing accomplished women together to share ideas, experiences and perspectives — great things are bound to happen.
Samantha Hale Crispin, global Chair of Baker Botts’ Corporate Department, is an M&A lawyer with more than 25 years of experience advising companies and boards on transformative transactions, capital markets and complex corporate governance matters.
Sarah Dodson is a Baker Botts partner who advises energy and technology companies on M&A, capital markets, private equity, joint ventures, corporate governance and other strategic transactions.