10 books every board member should read

People who join boards don’t do it for the pay—or so several corporate directors have told me. The real draw, they say, is the intellectual challenge.

Not surprisingly, when I recently asked a few board members and corporate governance experts to name a book they think all board types should read for the end-of-year reading list below, all were eager to oblige. (Many tried to sneak in two or three mini-reviews instead of only one.) 

Whether you’re looking for a last-minute gift or some holiday reading, you’re bound to find a jewel in this eclectic collection. The selected titles cover a wide range of topics that keep board members awake at night including the future of AI, corporate wrongdoing, succession battles, all things China, and startup drama. They’re bound to make you wiser—as a leader and as a person. 

These responses have been edited for length and clarity.

The New China Playbook: Beyond Socialism and Capitalism by Keyu Jin. With conflict happening in Europe and the Middle East, I recently found myself questioning overly simplistic narratives about parts of the world outside the U.S. and went searching for nuanced perspectives that might challenge my existing beliefs. I discovered The New China Playbook by economist, professor, and corporate board director Keyu Jin. Drawing on economic data and her bicultural experience, Jin points out what the West often gets wrong about China and shares an unconventional take on the country and its economy. —Jamaal Glenn, founder of JG Holdings and chair of The Pivot Fund

The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion by Eliot Brown and Maureen Farrell. This page-turner is more than a damning expose of a charismatic P.T. Barnum–like leader. The Cult of We offers many lessons relevant to the collapse of the tech startup ecosystem following the rise in interest rates and changes to investors’ appetite for risk. —Dottie Schindlinger, executive director, Diligent Institute 

Unscripted: The Epic Battle for a Media Empire and the Redstone Family Legacy by James B. Stewart and Rachel Abrams. Often stranger and more dramatic than HBO’s streaming series Succession, this book sometimes reads like a list of everything that can go wrong in a boardroom. —Josh Black, VP of editorial research, Diligent

The Worlds I See: Curiosity, Exploration, and Discovery at the Dawn of AI by Fei-Fei Li. As many boards contemplate how best to balance the risks and opportunities in governing AI, this book will provide a refreshing framework in an unexpected way. The book traces the life journey of its author, both as a human being and a preeminent AI scientist. Fei-Fei Li reminds all of us that the common denominator of AI, both in its risks and opportunities, is in how technology can respect people’s dignity. —Sonita Lontoh, independent director specializing in technology

Startup Boards: A Field Guide to Building and Leading an Effective Board of Directors (2nd Edition) by Brad Feld, Matt Blumberg, and Mahendra Ramsinghani. In the realm of corporate governance, while the spotlight has traditionally been on public companies, startup company boards have often been overlooked. Startup Boards effectively bridges this gap, offering a valuable resource for anyone eager to understand the vital role boards play, or should play, in startups. —Evan Epstein, adjunct professor at UC Law San Francisco and host of the Boardroom Governance podcast

Succession, Seasons 1-4: The Complete Scripts
Few television shows have put boards in the pop culture spotlight quite like HBO’s Succession. Imagine sitting in a board meeting where the chairman says with all seriousness, “Let the minutes reflect that [the CEO] shoved his boot up [the COO’s] a**.” If that doesn’t make you curious about the fuss over this series, then corporate governance probably isn’t your thing.

Empire of Pain: The Secret History of the Sackler Dynasty by Patrick Radden Keefe. Empire of Pain reveals how corporations are designed to be completely shielded from liability and wired to use every tool at their disposal to avoid accepting responsibility. It’s also about how denial is a powerful force that makes people with billions at stake rationalize horrible actions. —Douglas Chia, president, Soundboard Governance

The Chancellor: The Remarkable Odyssey of Angela Merkel by Kati Marton. The Chancellor is an inspiring book about an inspiring person, but it’s also instructive. Leaders can certainly glean insights from Chancellor Merkel’s leadership style and negotiation prowess. —Jocelyn Mangan, founder and CEO, Him For Her

Elon Musk by Walter Isaacson. While Isaacson highlights how Musk is, at times, impulsive and reckless (especially in his “demon mode”), he also credits Musk’s vision and incredible work ethic for helping to create Tesla, SpaceX, Neuralink, the foundational beginnings of AI, and other ventures. Few CEOs, if any, have his capacity for toughness and success. A must-read. —Greg Lau, board advisory practice leader, RSR Partners 

The Good Life: Lessons from the World’s Longest Scientific Study of Happiness by Robert Waldinger and Marc Schultz. I am eager to dive into The Good Life, a book focused on the significance of relationships in fostering happiness. I believe relationships are also pivotal to success—especially in corporate governance. There is no question that healthy relationships among directors promote a thriving board, one in which diverse perspectives are valued and contribute to the success of the enterprise. —Peter Gleason, CEO, NACD 

Happy reading and best wishes for the holidays to all! Watch for the next Modern Board in the new year. 

Lila MacLellan
lila.maclellan@fortune.com
@lilamaclellan

Editor’s note: This story has been updated.

Noted

 “How are they going to look at this situation? ‘Someone got greedy,’ or that I didn’t come visit and do a good job of caring for my mother.”

—Koo Kwang-mo, chair and CEO of South Korean conglomerate LG, and the adoptive son of the former chairman of South Korean conglomerate LG, in a conversation with his adopted mother, who has sued Koo for her full inheritance following her husband’s death in 2018. As the New York Times reports, the lawsuit is highlighting gender norms and governance at family-run, publicly traded companies in the country.

In Brief

—The powerful independent board members of many AI-obsessed Silicon Valley giants—including Reid Hoffman, who sits on Microsoft’s board, and Marc Andreessen, a Meta director—are also invested in or developing other AI quests. Fortune’s David Meyer looks at why these apparent conflicts of interest, criticized by noted corporate governance experts like Nell Minow, have not forced more directors to step down.

—It’s still rare for investors to withhold support for executive pay proposals, but that’s changing, and some large companies like Ford and Expedia are feeling the shift, according to the Financial Times. This year, data from proxy advisor Glass Lewis showed that shareholders are scrutinizing CEO bonuses and holding a harder line against pay changes that dilute investor shares. Glass Lewis says investor opposition to soaring executive pay is likely to continue. 

—Disney has responded to activist investor Nelson Peltz’s push to nominate himself and former Disney CFO James Rasulo to the theme park and entertainment company's corporate board. As Deadline notes, the company released a boilerplate memo to shareholders that made special mention of Ike Perlmutter, the billionaire and former Disney executive officially backing Peltz. The company previously accused Perlmutter of having a “longstanding personal agenda” against Disney CEO Bob Iger.

—Companies that pursue ambitious transformational projects often fail because they focus on the wrong targets, write a pair of professors at Switzerland’s IMD business school, for Harvard Business Review. The academics lay out a road map for determining what to prioritize and how to maintain discipline, leveraging strong governance and other tools, through the excitement and stress of change.