Starting your board journey: Six steps to guide director hopefuls!
Most individuals find the process of joining a corporate board mysterious, even intimidating. Whom do you contact? What are the selection criteria? How do you prepare? Can you serve on a board if you are an active executive?
Finding the answers to these questions is worth the effort. Board service is an opportunity for personal and professional growth. Directors can develop new skills and gain exposure to different governance processes and leadership styles. Recognizing the value such experience can bring, corporations are becoming more open to their senior executives serving on other companies’ boards. Meanwhile, the push for increased diversity in director background and expertise has slightly raised the board turnover rate, creating more director openings.
This article offers key takeaways from more than 30 conversations with seasoned corporate board members. We conducted most of them as part of Spotlight, our joint program with Goldman Sachs to help underrepresented US director hopefuls understand the process, demands, responsibilities, and rewards of board membership.
The insights, many of which apply to boards beyond the United States, suggest the path to corporate directorship includes six core steps: 1 understanding the board role and your objectives,
2 increasing your visibility,
3 researching the company and its industry,
4 getting the most out of the interview,
5 selecting the right board, and
6 finding your voice as a director.
#boardofdirectors #corporategovernance
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Board Member | Independent Advisor | Co-Founder & CEO catalyzing systems-level change for people and planet
3moIndeed, the best candidate is probably (mathematically speaking) someone you *don't* know -- thanks to Him For Her and illumyn for your partnership with #BCBR!