How to serve on a third sector board | Yvonne Garcia

Yvonne Garcia serves as Chief of Staff to State Street’s Chairman and CEO, Ron O’Hanley, and recently was announced as the incoming EVP, Lead for North America Asset Manager Client Portfolio. Prior to State Street, Ms. Garcia served as Director in Marketing and Distribution Strategy for Liberty Mutual, as Vice President for Mass Affluent Marketing for Bank of America, and as Vice President for their China Construction Bank Strategic Assistance Program.

As an active community leader, Ms. Garcia served as the Chairwoman for the largest Latino professional organisation in the US, ALPFA.  She currently serves on the Board of Directors for Reading Cooperative Bank and John F. Kennedy Library Foundation. Ms. Garcia is also the co-founding Chair of Milagros para Niños, an initiative at Boston’s Children’s Hospital that raises funds for Hispanic children whose families are unable to afford medical care. In addition, Ms. Garcia was appointed by Massachusetts Governor Maura Healey to serve on the state’s Latino Advisory Commission Board, and has run nine marathons in the past seven years in support of various charities across the Commonwealth.

Ms. Garcia holds an MBA from Boston University in finance and marketing and a B.A. from SUNY Albany. She is also a graduate of the ARMY R.O.T.C. programme at Siena College in Loudonville, N.Y., with a certificate in economics and culture from La Sorbonne in Paris. Most recently, Ms. Garcia was awarded an honorary degree in Doctor of Humane Letters from Cambridge College. 

What boards, private and third sector, do you currently sit on, and which have you sat on in the past?

I currently serve on the Board of Directors for Reading Cooperative Bank, where I have been a member for the past three years. I also serve on the Diversity Advisory Board for Charter Communications, the largest telecommunications company in the United States. Additionally, I sit on the Advisory Board of the Association of Latino Professionals for America (ALPFA), where I previously served as National Chairwoman for six years and have remained actively involved for over two decades.

I also hold board positions with the Greater Boston Chamber of Commerce and the Board of Trustees at Boston University.

Reflecting on your time serving on non-profit boards, what key insights or lessons have you gained that you have successfully applied to your roles on for-profit boards?

Non-profit boards offer a unique perspective, as members are typically deeply committed to the mission and often include individuals who are new to board service. This environment quickly teaches the importance of sound governance, an understanding of organisational bylaws, and the critical role of strategic planning.

Through these experiences, I have learned the value of aligning an organisation’s mission with long-term objectives, engaging the community effectively, and ensuring financial discipline—even in the absence of publicly declared revenue targets. Mission-driven focus is central in non-profit work, and that clarity of purpose has informed my approach to for-profit boards, where the mission can sometimes be overshadowed by metrics. I often find myself reminding peers of the “why” behind our work and the broader impact of our decisions.

Are there specific practices from for-profit governance that you feel should be more widely adopted across non-profit boards, or vice versa?

For-profit boards tend to operate with more structured governance and a clearer distinction between oversight and management. One of the key principles I bring from that space is a firm understanding of the board’s role—not to manage, but to provide strategic oversight and hold leadership accountable.

Additionally, I consistently emphasize the importance of diversity—across ethnicity, experience, and discipline—as an essential element of board composition. For-profit boards are often more rigorous in ensuring that the right expertise is at the table. That discipline should be mirrored in the non-profit sector to ensure boards remain relevant, effective, and reflective of the communities they serve.

How do you balance the differing expectations and responsibilities of serving on both types of boards, especially as a senior executive with a full-time role at one of the world’s largest financial institutions?

Serving on boards while leading in a demanding executive role requires a precise understanding of one’s responsibilities and a commitment to delivering value. Whether in corporate or non-profit settings, I approach each role with clarity of purpose: strategic oversight, ethical governance, and stakeholder alignment.

Balance, for me, is deeply personal. It depends on one’s professional demands, travel schedules, and personal commitments. My guiding principle is simple—I must genuinely believe in the mission of the organisation. If I am not making an impact or growing in the process, I will step away. Fulfilment and alignment are key. When those are present, balance becomes far more achievable.

What role does mentorship play in your board service—and how do you mentor others in for-profit and non-profit settings?

Mentorship plays a foundational role in my board service. It fosters engagement, strengthens succession planning, and provides a historical lens through which to view future strategy. I deeply value mentorship—not only for the guidance it provides, but also for the opportunity to engage in a reciprocal learning relationship.

To be effective, mentorship must be authentic. I choose to mentor when there is genuine chemistry and when I believe I can contribute meaningfully to someone’s growth. At the same time, I always seek to learn from those I mentor. There is a distinction between mentorship and sponsorship, however. While mentors provide guidance, sponsors actively advocate on one’s behalf. Both are essential.

A former CFO once mentored—and later sponsored—me, helping me transition into a new role while I, in turn, introduced him to ALPFA and helped diversify his team. That experience exemplifies how mentorship can be mutually beneficial, regardless of age or career stage.

In light of evolving national conversations around governance and inclusion, how have you seen board-level priorities shift in the organisations you work with—both in the corporate and non-profit spheres? How have you personally approached these changes?

Diversity and inclusion are no longer peripheral conversations—they are embedded in strategic objectives. At State Street and other organisations I work with, diversity is seen as integral to value creation and innovation. It is not a separate initiative; it is woven into our operating model.

In the non-profit sector, I observe many organisations revisiting how they articulate their missions and align with evolving social and legal expectations. There is a growing need to communicate values clearly, particularly to sponsors and stakeholders.

My approach has been to ensure that diversity, equity, and inclusion are not treated as checkboxes but as strategic imperatives that shape how organisations operate, serve their communities, and achieve lasting impact.

‘Advocacy’ is often discussed in the context of mission-driven work, but it can take many forms across different sectors. How do you think about the role of advocacy in your board work, and does that approach shift depending on the setting?

Advocacy is essential to board leadership. It means using your voice and influence to further the organisation’s mission, whether by building coalitions, shaping public policy, or deepening community ties.

At the Boston Chamber of Commerce, advocacy involves close collaboration with state and local government leaders to align policy with the business community’s goals. We aim not only to support the growth of our member companies but to ensure inclusive economic prosperity for all residents of the Commonwealth.

In all settings, advocacy requires clarity of purpose and the willingness to speak up on behalf of the mission and the people the organisation serves.

When have you gotten it wrong, and what did you learn?

Earlier in my leadership journey, I had to navigate a difficult CEO transition on a non-profit board. The CEO was beloved, and although the board unanimously supported the decision, I struggled with self-doubt and overemphasized achieving full consensus. I was almost apologetic in carrying out my fiduciary duty.

In hindsight, I wish I had acted with greater confidence and urgency. Leadership often requires difficult decisions, and I have since learned to trust my instincts, stay rooted in data and governance, and focus on what is best for the organisation.

That experience was an important reminder that I was entrusted with that role for a reason—and that protecting the organisation must always take precedence over personal discomfort.

Finally, what advice would you give to someone who is joining their first board, regardless of the sector?

First and foremost, do your homework. Understand the organisation’s mission, history, and bylaws. Study its governance model and strategic goals. For those from underrepresented backgrounds, it is especially important to ask, “Why me?” Ensure the board understands the unique value you bring—and that you understand it, too.

Clarifying expectations upfront ensures that you can contribute meaningfully and derive fulfillment from your service. You will be most effective—and most fulfilled—when your role aligns with your purpose and passion, and when you know exactly how your contributions support the board’s broader impact.

Susan Boster (interviewer) is the Founder and CEO of Boster Group Ltd., an award-winning consultancy specialising in the development of innovative partnerships between global corporations, cultural institutions and social impact foundations. Current and recent clients include Disney, Meta, Gap Inc., Moët Hennessy, J.P. Morgan, Bacardi, EY, Goldman Sachs, Montblanc and the Leverhulme Trust.

Previously, as Marketing Director at Barnes & Noble and later CMO at News International, Susan oversaw the transitions of both companies to e-commerce and digital platforms, including the launch of barnesandnoble.com.

 Susan sits on the board of the Design Museum and is an Advisor to The Representation Project. She previously served as a Trustee at the Donmar Warehouse and as Vice Chair of the English National Ballet. Susan is regularly featured as a moderator and keynote speaker at conferences such as the World Economic Forum, the Cannes Festival of Creativity and CogX, where she is an Editorial Advisor. She is a Consultant Lecturer at Sotheby’s Institute of Art.