Changemaker Interviews

Elevating Ethics: Vera Cherepanova’s Mission to Redefine Corporate Governance

Published

12 months ago

March 21, 2025

Elevating Ethics: Vera Cherepanova’s Mission to Redefine Corporate Governance

For Vera Cherepanova, ethics isn’t an abstract principle—it’s the foundation of good business. As the Executive Director of Boards of the Future, she’s leading a movement to bring ethics and compliance expertise into corporate boardrooms.

With over 18 years in the field of ethics and compliance, Vera has seen firsthand how businesses struggle to balance ethical decision-making with financial and operational pressures. Too often, compliance is treated as a checkbox exercise rather than a driver of long-term success. Changing this perception has been one of the biggest challenges of her career.

A Reluctant Beginning, A Lifelong Commitment

Vera’s journey into compliance started in an unexpected way. Early in her career, she worked as an Internal Auditor, enjoying the structured approach of financial oversight. Then one day, her General Manager handed her a new responsibility: “Headquarters wants us to do compliance. I don’t know what it is, but you will do it.”

What began as an assignment quickly became a passion. Vera watched as the field evolved from a narrow focus on anti-corruption laws to a broader, more dynamic role that considers corporate culture, ethical leadership, and governance. Over the years, she moved from calling herself an “anti-corruption compliance person” to a “compliance person,” then an “ethics and compliance person,” and now, an “ethics advocate.” Each shift in title reflected the growing importance of ethics in business decision-making, moving from compliance oversight to reshaping how businesses think about ethical leadership.

Her contributions to the field are undeniable. She authored Corporate Compliance Program, the first book on compliance in Russian, which is now a leading textbook in universities across Russian-speaking countries. She has coauthored books on anti-corruption law and compliance leadership and written hundreds of articles featured in major publications like the Financial Times, Wall Street Journal, and Compliance Week.

Shifting the Conversation in the Boardroom

Despite the progress in compliance and ethics, Vera saw a major gap in corporate leadership with many boardrooms still treating ethics as an afterthought. Many board members she encountered openly admitting they had never heard the word “ethics” discussed in their meetings.

That’s where Boards of the Future comes in. Founded just six months ago, the non-profit is already gaining traction, engaging with recruiters, investors, and board nomination committees to elevate the role of ethics in governance. Vera’s goal is to change the perception that compliance is a roadblock to business growth. Instead, she wants to show that ethical leadership prevents crises, strengthens corporate reputation, and drives sustainable success.

The Role of Collaboration and Inclusion

For Vera, ethics is not a solo endeavor—it’s a collective effort that requires engaging multiple stakeholders. Through strategic partnerships and advocacy, Vera is equipping boards with the tools to integrate ethics into governance, ensuring that companies operate with integrity.

She rejects the outdated idea that ethical failures are caused by a few “bad apples.” In nearly every case, systemic issues—not individual actors—are the real problem. The solution? A shift in corporate culture that prioritizes ethical decision-making at every level.

This is why Boards of the Future is focused on an often-overlooked aspect of diversity: the need for ethics and compliance expertise in leadership. While many organizations work toward demographic representation in the boardroom, Vera is advocating for diversity in knowledge, experience, and perspective—ensuring companies don’t just look inclusive but operate with integrity.

A Call for Ethical Leadership

The urgency of Vera’s work is clear. Recent reports show that trust in business leaders is at an all-time low. The 2025 Edelman Trust Barometer found that two-thirds of people believe executives intentionally mislead through false or exaggerated statements. Meanwhile, a Gallup survey revealed that only 12% of people rate business executives’ honesty and ethics as “very high.”

This isn’t just a PR problem—it’s a leadership crisis.

Rather than addressing these concerns at their root, many companies turn to damage control—hiring PR firms, crafting better messaging, and hoping the issue fades. But Vera sees a deeper solution: embedding ethics into leadership itself. Until companies prioritize ethical decision-making as a core competency, scandals, distrust, and systemic failures will continue.

Looking Ahead

As she expands Boards of the Future, Vera is focused on increasing her presence in the U.S. and introducing governance practices from Europe, such as board apprenticeship programs. She plans to continue engaging in global conversations about governance, risk, and ethical leadership, ensuring that ethics isn’t just a conversation happening on the sidelines—but at the head of the table.

Ultimately, Vera’s vision is simple but powerful: a business world where integrity isn’t optional—it’s essential.

To help boards build stronger ethical foundations, Vera has created the Boardroom Assessment Tool: A Self-Assessment Framework for Ethical & Purpose-Driven Board Leadership. This resource is designed for board members and executives who want to evaluate and improve their governance practices with an ethical lens.

Download it here: Boardroom Assessment Tool