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Being A Board Member of an ESOP Company

A presentation to the National Center for Employee Ownership (NCEO) session on boards and governance based on my experience as an independent board member at New Belgium Brewing Co.

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Being A Board Member of an ESOP Company

  1. 1. Effective Boards of Directors: Best Practices in Governing an ESOP Board Member Case Study September 16, 2014 Jenny Briggs & Paul Hudnut New Belgium Brewing Co.
  2. 2. About New Belgium Brewing Your logo here
  3. 3. Getting a Taste for Co-worker Ownership • 1996 Co-workers granted 10% ownership – 28 people; 55,000 barrels • 1999 ESOP purchases 32% ownership – 90 people; 148,000 barrels • 2009 ESOP has 41.5% ownership – 339 people; 568,000 barrels • 2012 ESOP becomes 100% owner – 457 people, 764,000 barrels Your logo here
  4. 4. Crafting Our Culture • Core Values and Beliefs • Employee Ownership • Open Book Management • High Engagement Culture • B Corporation • Advocacy Your logo here
  5. 5. The Board’s Work- WHO • Prior to 2006- Owners • 2006- 8 Owners, 1 co-worker representative and 3 independent advisors • 2008 2 owners (CEO and CFO) and 2 independent directors • 2014 2 owners (CEO and COO) and 3 independent directors Your logo here
  6. 6. The Board’s Work- WHAT • Strategy – Business plan review – Long Range Planning – Partnerships and Transactions • Succession – Leadership – Geographic growth • Soul – Culture – Rippling Your logo here
  7. 7. The Board’s Work- HOW • Close, trusting relationships • Respect for different skills and perspectives • Open communication • Preparation and participation • Ebb and flow from strategic to operational • Meeting cadence: – Face to face 4-6 x/year – Monthly calls • Several hours/week to … 24/7 • Committees- only when needed Your logo here
  8. 8. Are ESOP Boards Different? • Independent directors • Stakeholder priorities – Investors – Employees • Specialty advisors • Guard Rails – Trustee relationships and agreements – Legal – Operating Covenants • Long term view Your logo here
  9. 9. Your logo here Visit us 500 Linden St., Fort Collins newbelgium.com @newbelgium

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