Geopolitics is no longer just background noise — it's now central to how organisations plan, invest and manage risk. In this episode, foreign affairs expert Merriden Varrall, joins Boardroom Confidential to unpack what today's "polycrisis" world really means for directors.

Drawing on her experience at KPMG, the Lowy Institute and the UN in China, Merriden explains why boards must look beyond daily headlines to the deeper megatrends: converging climate, energy and food risks; the erosion of trust in institutions and the rise of populism; and a fragmenting global economy shaped by national security and values-based blocs. She explores the practical implications for Australian boards — from managing exposure to the US–China rivalry and rebuilding supply chain resilience, to understanding how these dynamics affect SMEs and NFPs.

Merriden also outlines how boards can become more geopolitically literate: the questions to ask management, how to set up horizon scanning and scenario planning, and why a more nuanced understanding of other countries' perspectives is now essential to good governance.

Key Themes:

• From headlines to megatrends — directors need to look past daily news and focus on structural geopolitical scenarios and megatrends.

• Polycrisis as the new normal — risks like climate, energy, food, tech and conflict are increasingly interconnected and compounding.

• Trust gap and populism — erosion of trust in institutions and the rise of populism are reshaping regulation, policy and expectations of business.

• Geo-economic fragmentation — values-based blocs, national security logic and "de-risking" are changing trade, investment and tech choices.

• It's not just big corporates — SMEs and NFPs are exposed through supply chains, cyber risk, regulation, funding and talent.

• Boards' core questions — are we thinking about geopolitics, how are we monitoring it, what scenarios have we planned for, and are our responses sufficient?

• Supply chain resilience — having "just in case" models ready, mapping choke points, and setting up data and signals to act early.

Brad Welsh has built a career defined by reinvention — from child protection officer to political adviser, CEO of Energy Resources of Australia, board member at nib, and now founder of Mawal. In this conversation, Brad reflects on the choices, opportunities and turning points that shaped his path, and how curiosity and ambition have guided every reinvention.

Brad discusses the lessons learned leading ERA through the complex rehabilitation of a major uranium mine, what long-term projects teach leaders about managing risk, and how to balance the expectations of diverse stakeholders. He also shares his powerful vision for the next generation of First Nations leadership in Australia — building capability in capital and risk, broadening pathways into commercial roles, and helping more Indigenous talent step into the boardroom.

Key Themes:

• Career reinvention and ambition — seizing "windows" of opportunity, stepping back to go forward, and using each pivot to build range.

• Curiosity as a governing principle — staying relentlessly curious about how organisations, balance sheets and communities actually work.

• Capital and risk as a global language — why cultures flourish by managing capital and risk in their own way, and what that means for First Nations Australia.

• Long-term rehabilitation, short-term milestones — lessons from ERA's Ranger uranium rehabilitation on balancing horizon goals with near-term delivery.

• Stakeholders and judgement — putting yourself in others' shoes, making decisions with imperfect information, and knowing when to change course.

• The next generation — building a cohort of First Nations leaders for executive and board roles.

Over the holidays, we'll be bringing you some earlier episodes of our Boardroom Confidential podcast.

This time it's Audette Exel, the founder and chair of Adara Group. She's also a former director with Suncorp and Westpac and previously served as Chair of the Bermuda Stock Exchange.

Audette shares the story behind Adara's unique model, which channels profits from corporate advisory work directly into life-saving development programs in some of the world's most remote communities. She reflects candidly on the mistakes she's made along the way, what they taught her, and why boards need to talk more openly about failure.

The conversation also explores governance across complex global organisations, the responsibilities of boards in philanthropy and social impact, and how purpose should sit at the centre of corporate decision-making. Audette offers practical insights for directors seeking to use their influence — and their organisations — to create lasting value for society.

Key Themes

• Purpose-led leadership and social entrepreneurship
• Innovative funding models for not-for-profits
• Governance, risk and accountability across complex global organisations
• Learning from failure and embracing mistakes in leadership
• The role of boards in philanthropy and social licence to operate
• Diversity of thought and values at the board table