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Green Shoots of Change in the Boardroom with Genevieve Overell and Tony Johnson
Michelle Gardiner • May 14, 2024
Derwent recently hosted 22 Directors to discuss and amplify the important work that the AICD 30% Club and Deloitte have undertaken in broadening the composition of non-traditional non-executive director profiles.
The discussion actively explored whether these advocated changes highlighted in the Bold Moves in the Boardroom report have indeed been implemented and taken root. Such discussions are invaluable for fostering collaboration, sharing best practices, and driving meaningful change in corporate governance.
Michelle Gardiner was joined by AICD’s 30% Club Education Working Group Members Genevieve Overell and Tony Johnson.
- The Bold Moves in the Boardroom and Green Shoots of Change reports highlight the broader experience needed at board level in response to increasingly complex challenges. Traditional CEO and finance expertise is no longer sufficient – an effective strategy will require skills in marketing, human capital, data, digital transformation and customer experience. This may have the added benefit of a gender dividend given the high proportion of women with these skill sets.
- A board operates as a team with a mix of complementary skills. However, depth versus breadth will inevitably differ according to the size of board, stage in life cycle and sector – with a deep specialisation often being met through an executive position instead.
- Substantive change is likely to be seen in the private sector first (as shown in Green Shoots of Change, with movement being seen mainly at the periphery). Additionally, emerging and listed corporates will be mindful of how each appointment is perceived by investors.
- Larger boards can be bolder in appointing new and different board members. Questions could be asked around whether board sizes should be increased to provide the breath of expertise, or should board terms be reduced to achieve a similar outcome?
- Emerging areas of need now include generative AI. Digital expertise is seen as a must have and covers a range of areas from deep data and technology, through to go-to-market and SaaS.
- Occasionally it might be best practice to upskill every board director through education sessions and hands-on involvement. Advisory Boards can be one way of keeping boards contemporary. They are also a good way to achieve transition to a board career for a specialist.
- Diversity includes different communication styles (DISC profiling can be useful) as well as socioeconomic and ‘lived experience’. Diversity and inclusion must also be reviewed in the executive ranks, especially as this is a pipeline to the future. The role of boards in oversight and succession planning is to enhance and strengthen board ecosystems, including diversity in all its complexity.
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