Michael Camuñez, CEO and co-founder of Monarch Global Strategies, joins the Boardroom Governance Podcast to discuss geopolitics, U.S.-Mexico relations, energy, higher education, board diversity, and director independence. He also explains why boards may be facing a “courage recession” and why good governance sometimes requires challenging consensus.
(00:00) Intro
(01:44) About the podcast sponsor: The American College of Governance Counsel
(02:27) Start of interview
(03:24) Michael Camuñez’s Origin Story: growing up in New Mexico and California, Harvard and Stanford Law School, public service, private practice, and moving between government, business, and corporate governance
(06:21) About his firm Monarch Global Strategies
(09:45) The U.S.-Mexico Relationship: why the relationship is "indispensable but under strain."
(13:05) Geopolitics and the Modern Board: why geopolitical risk now affects nearly every company
(15:04) Should Boards Add Geopolitical Experts? Why Michael believes directors need broad capabilities and boards should resist becoming overly specialized
(17:08) Energy, Wildfires, and Grid Resilience: lessons from Michael’s service on the board of Edison International and balancing safety, affordability, electrification, climate risk, and grid modernization
(22:34) Governing an Investment Fund: how serving as a director at Capital Group differs from a conventional corporate board
(23:35) Independence as a Behavior: why independence requires asking hard questions, challenging assumptions, and exercising individual judgment
(26:40) The Packard Foundation: institution-building, philanthropy, climate change, oceans, children and families, and long-term systemic change
(31:54) Stanford and the Future of Higher Education: public trust, affordability, civic education, viewpoint diversity, AI, research security, and university governance
(37:14) Immigration and America’s Talent Advantage: why attracting global talent has historically been central to U.S. innovation and entrepreneurship
(40:30) Board Diversity and Groupthink: why demographic diversity and diversity of thought should reinforce one another
(46:08) A “Courage Recession” in Governance: why directors need to challenge consensus, ask uncomfortable questions, and distinguish collegiality from conformity
(48:47) Books That Have Influenced Michael:
(51:10) Michael’s Mentors: Eli Segal and Linda Griego, and the importance of allyship and opening doors for others
(53:47) Quotes Michael Thinks About: “Comparison is the thief of joy” and the lessons of Ozymandias about ambition and legacy
(56:02) An unusual passion: Johnny Cash karaoke
(56:17) The living person Michael most admires: Hugo Morales, founder of Radio Bilingüe
Michael Camuñez is CEO and co-founder of Monarch Global Strategies and serves on the boards of public, private and non-profit boards.