Joining a corporate board can enhance your career in many ways. Governance can be a valuable opportunity to gain experience beyond your current company.
Board roles can also help position a rising executive for a CEO, CFO or COO role. However, obtaining a seat on a board of a company that interests you can be a lengthy and oftentimes challenging process. We hope the following provides some helpful insights into building your governance career.
Understand your motivations and value proposition
It is important to know what you seek to gain from directorship experience specifically. It is also essential to consider the type of board role where you would be able to make a valuable contribution.
In addition to having a rock-solid understanding of the type of board role you are interested in pursuing, you need to clearly define your unique value proposition from the point of view of the company you are considering. How can you add value to this specific board? Are there any gaps in governance or expertise of other board members that you could potentially fill? How could you contribute to make the board function better and more effectively? Think about what you want to be known for as a board director. Seek to understand those sectors which may benefit from your experience and knowledge.
Network, network, network
In addition to formal networking opportunities, reach out directly to relevant individuals about your desire to serve on a board. If there are particular boards that interest you, seek to know those companies, their executives and their non-executive directors. Consider identifying several influential directors and meet with them to become familiar with the specific governance issues which are facing some of their organisations.
Some directors launch their board careers by serving on a non-profit board where experienced executives from the for-profit world can be in high demand. With this strategy you can begin to gain valuable board-level experience while contributing to the work of a worthwhile cause.
Position your profile so that you are approached for a Future Director appointment www.futuredirectors.co.nz (run by the Institute of Directors). As a Future Director you will have the opportunity to observe and participate on a board for twelve months. You will gain valuable mentoring from experienced directors. These appointments often require leaders from a different generation with different skills for example; deep expertise in business disruption or digital marketing expertise.
Professional Development.
The more astute and capable directors continually seek opportunities to upskill and expand their knowledge. Whether you are new to governance or an experienced director, professional development ensuring currency of knowledge, skills and technical competence is as important as ever. As well as demonstrating your commitment to a governance career, professional development ensures you are adding value in dynamic environment where there is an increasing focus on governance issues. Professional Development could involve mentoring, training courses and networking. The Institute of Directors (IOD NZ) offers director-specific training as well as providing opportunities to network with current directors sitting on a variety of boards.
Consider gaining exposure to those areas which are relevant to a technology led economy or placing yourself in situations where you gain exposure to some of the big social issues that are impacting New Zealand.
The Interview
When you do obtain an interview for a board role, seek to understand specifically what skills the board is seeking to complement the current skillset. Seek to understand the culture of the board. To promote yourself effectively, you must understand what the organisation and its board needs at its current stage of development, while positioning yourself as someone who can immediately contribute to its ongoing evolution.
Prepare a Governance Resume
A non-executive director’s resume differs from an executive resume in that it emphasizes skills and experience more relevant to governance rather than operations. Even if you do not currently have board experience, you may have directly reported to a board, been involved with a board committee, or served on the board of a subsidiary of your business.
Be patient!
Obtaining the right board position often takes quite a bit of time – sometimes two or three years. Making sure you know your own goals and motivations, raising your profile and reaching out to the right people, can certainly help move the process along. Finally, the first board role you accept can often shape how you are perceived for future board appointments. It is also the most difficult role to secure. Select this role carefully and do your due diligence.
Adapted from original article written by BlueSteps, AESC’s career service for members. AESC is the worldwide professional association for the executive search and leadership consulting industry. As a member of AESC, Hobson Leavy assures you of the highest professional standards.
