Netflix founder Reed Hastings exemplified the American approach by serving as both CEO and chair for decades, delivering eightfold returns to early investors while ignoring shareholder votes he disliked. Since announcing his retirement, Netflix's stock has plummeted 25%, raising questions about whether this governance model truly works.

Across the Atlantic, the UK maintains strict separation between chair and CEO roles, as evidenced by BP's ouster of chair Albert Manifold for "unacceptable" conduct. About 40% of S&P 500 companies combine CEO and chair roles, and these stocks rose 14% over the past year—double the median of companies with separate leadership. The FTSE 100 saw a 9% gain.

British board chairs work three times more hours than American counterparts for similar pay (£450,000) but with less authority. The UK's "comply-or-explain" governance code discourages performance-related board pay, unlike the US where 93% of boards require directors to own shares. Until London addresses these structural differences, the country will struggle to attract global boardroom talent.