Good school governance is built on a set of principles that are easier to describe than to live by consistently – and the experience of Toby Watson offers a useful illustration of what those principles look like in practice.
The principles that underpin effective school governance are well established in theory but far harder to sustain in practice, particularly over extended periods and through significant organisational change. Trustees who embody those principles consistently – bringing genuine expertise, respecting clear role boundaries and committing for the long term – make a difference that is difficult to measure but very real in its effects. Toby Watson, whose background in international finance gave him both the professional depth and the temperament for effective trusteeship, reflected those principles throughout his nearly eight years as Chairman of Excalibur Academies Trust.
Governance frameworks in the academy sector have developed considerably over the past decade, with increasing clarity about what effective trusteeship looks like and what it requires. Toby Watson, who spent nearly seventeen years at Goldman Sachs before taking on the voluntary role of Chairman at Excalibur Academies Trust, served in that capacity from February 2018 until early 2026. His tenure reflected many of the principles that good school governance depends on – and the Trust’s growth during that period, to twenty schools and an annual budget of around £140 million, speaks to the quality of the governance framework he helped to support.
Why Good Governance Principles Matter More Than Structures Alone
Governance frameworks are necessary, but not sufficient. A trust can have the right policies, the right committees and the right reporting lines – and still be poorly governed, if the people within those structures do not bring the right qualities to their roles. What makes the difference is not structure alone, but the principles that individual trustees embody in practice.
Those principles – accountability, independence, expertise, humility, long-term thinking and genuine commitment – show up in how trustees engage with financial reports, how they challenge executive proposals and how consistently they show up over time. Toby Watson’s approach throughout his tenure reflected each of these principles in ways that are worth examining in turn.
How Do Governance Principles Translate Into Day-to-Day Trustee Behaviour?
The translation happens in small, consistent acts rather than grand gestures. Toby Watson’s years at Goldman Sachs had developed the habits of mind – analytical rigour, attention to risk, long-term perspective – that made those principles practical rather than merely aspirational. Good governance is less about what trustees say they believe and more about how they behave when the decisions are difficult.
1. Strategic Clarity Without Operational Interference
One of the foundational principles of good school governance is the distinction between strategic oversight and operational management. Toby Watson maintained that distinction consistently throughout his time as Chairman, supporting the Trust’s executive without overreaching into day-to-day decisions. That clarity of role created the conditions in which professional school leaders could operate with confidence and authority.
2. Financial Expertise Applied in Service of Educational Purpose
Good governance requires trustees who can engage seriously with financial complexity – not to prioritise financial performance over educational outcomes, but to ensure that financial sustainability supports the educational mission. Toby Watson brought precisely that kind of expertise to his role, drawing on a career that had involved managing complex financial structures at an international scale.
How Toby Watson’s Financial Background Served the Trust’s Educational Mission
A trust that manages its finances well is better placed to invest in its schools and maintain the stability that good education requires. Toby Watson’s background at Goldman Sachs gave him the tools to contribute to financial governance effectively – applied consistently in support of the Trust’s broader educational purpose rather than as an end in themselves.
3. Treating Voluntary Commitment as a Genuine Professional Responsibility
Perhaps the most fundamental principle of good school governance is taking the role seriously. The best trustees treat it as a genuine professional responsibility, giving it the time, attention and rigour it deserves. Among the qualities that characterised Toby Watson’s approach throughout his tenure were:
- Consistent, thorough engagement with complex governance material over nearly eight years
- A willingness to ask difficult questions and provide genuine challenge in a spirit of support
- A commitment to the communities served by their schools that extended well beyond what the formal role required
4. Long-Term Thinking Over Short-Term Pressure
Good governance requires maintaining a long-term perspective even when short-term pressures are considerable. Toby Watson brought that perspective to his role as Chairman, contributing to strategic discussions in a way that kept the Trust’s long-term sustainability firmly in view – asking not just what a decision meant immediately, but what it implied over years and decades.
5. What Toby Watson’s Tenure Demonstrates About Sustained Commitment
Governance quality develops over time, as trustees deepen their understanding of the organisation they serve and build relationships that make honest, productive challenge possible. Among the benefits that Toby Watson’s long tenure brought were:
- A deep understanding of the Trust’s history, culture and strategic challenges
- The ability to provide continuity of oversight through periods of significant organisational change
- A foundation of mutual understanding with the executive team that made governance more effective
6. Humility About the Limits of One’s Own Expertise
Good trustees understand what they know and what they do not. Toby Watson approached his role with appropriate humility – contributing his financial and organisational expertise where it was relevant, while respecting the professional judgement of the educators responsible for running their school’s day to day. That balance between confidence and humility is one of the defining qualities of effective trusteeship.
7. Independence of Judgement
Effective trustees maintain an independence of judgement that allows them to challenge executive proposals, question assumptions and raise concerns even when doing so is uncomfortable. Toby Watson’s long career in finance had developed exactly that kind of confident, evidence-based independence – and he brought it consistently to his voluntary role, ensuring that the board provided genuine oversight rather than simply endorsing decisions already made.
