58 min listen
Louis Lehot: "It All Happens Outside of the Boardroom."
Louis Lehot: "It All Happens Outside of the Boardroom."
ratings:
Length:
51 minutes
Released:
Oct 4, 2022
Format:
Podcast episode
Description
0:00 -- Intro.1:28 -- Start of interview.2:04 -- Louis's "origin story". 4:14 -- His current role at Foley & Lardner.5:48 -- On the question of "compromised independent directors." Reference to the Delaware case Goldstein v. Denner.10:25 -- The higher scrutiny over independent directors in this downturn (particularly on M&A, downrounds and recaps).14:22 -- How venture terms have changed in this environment. From "founder-friendly" to "investor-friendly." Supervoting shares, liquidation preferences and participation rights.20:39 -- How should (independent) directors handle "empowered" founders or CEOs. "It all happens outside of the boardroom and its absolutely about relationships."24:44 -- On the rise of ESG. "[Almost every VC termsheet] will now include a requirement to adopt a ESG policy." "It is indisputable and undeniable that this movement is very strong."29:28 -- The increasing political pressure on management and boards. "Irrespective of politics, the single largest pressure that exists for CEOs and investors is the financial performance of the company."31:53 -- What should directors be considering in this environment. "How to adjust in the face of different multipliers applied to revenues" and "increased risk of failing to meet the financial targets that were set out." 37:23 -- On the crypto regulatory landscape. "The meltdown of crypto prices was triggered by three big drivers: 1) interest rates (macro environment pushed capital away from riskier assets), 2) the crash of Terra/Luna stablecoin, and 3) enforcement actions from the SEC (whether tokens are securities is still not a settled question). On the plus side, Ethereum's Merge and Surge (next year). "The digital markets are here to stay."42:34 -- What are the books that have greatly influenced your life: The Pilgrimage, by Paulo Coelho (1987)44:43 -- Who were your mentors, and what did you learn from them? Father James V. Schall (Professor at Georgetown University)45:50 -- Are there any quotes you think of often or live your life by? "Think for yourself to decide 1) what you want, 2) what is true, and 3) what you should do to achieve #1 in light of #2." Ray Dalio.47:10 -- An unusual habit or an absurd thing that you love: to garden.47:58 -- The person he most admires: his mother.Louis Lehot is a partner and business lawyer with Foley & Lardner, based in the firm’s Silicon Valley, San Francisco and Los Angeles offices. He focuses his practice on advising entrepreneurs and their management teams, investors and financial advisors at all stages of growth, from garage to global. __ You can follow Louis on social media at:Twitter: @lehotlouisLinkedIn: https://www.linkedin.com/in/louislehot/__ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
Released:
Oct 4, 2022
Format:
Podcast episode
Titles in the series (100)
Anat Admati: "I Don't Want CEOs to Solve Society's Problems, I Want the Government to Solve Them": In this episode, I talk with Anat Admati, the George G.C. Parker Professor of Finance and Economics at the Stanford Graduate School of Business, and the Faculty Director of the Corporations and Society Initiative at the GSB. Anat is an economist with broad cross-disciplinary interests in the interactions between business, law and policy, and an advocate for better governance and accountability in the private sector and in government. Since 2010, Anat has been active in the policy debate on financial regulations. She is the co-author, with Martin Hellwig, of the award-winning and highly acclaimed book "The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It". In 2014, she was named by Time Magazine as one of the 100 most influential people in the world and by Foreign Policy Magazine as among 100 global thinkers. by Boardroom Governance with Evan Epstein