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Pathway to the Boardroom Forum with Ben Derwent
Ben Derwent • March 20, 2024
Navigating a career towards the boardroom can be challenging, and each executives’ journey is different. Transitioning from an executive role to building a board portfolio is exciting but can feel daunting at first. At our recent Pathway to the Boardroom Forum, our Managing Director, Ben Derwent, and Managing Partner, Julie Colvin shared valuable insights with aspiring board members.
Many wonder when and why to first consider a board role. It's a good idea to think about board roles early in your executive career as part of your professional development. These roles can help you learn new skills, expand your professional network, and provide great insight on how to best work with current and future boards as an executive.
Choosing the right directorship that matches your skills is important. “What will compliment your executive career?” and “what board setting is most appropriate?” are important questions to reflect on. Ben also noted that looking outside the ASX200 may present interesting opportunities that are well suited to someone looking to gain experience in board settings. In the early stages of a board career you may want to consider For-Purpose or non ASX200 companies initially, and it is important to bring diverse thinking and prepare yourself for successful and fruitful meetings.
When it comes to securing a board position, there are three key factors to consider:
#1 Considering Your ‘Value Add’ Proposition:
- The importance of delineating one's value proposition, encompassing both executive and directorial settings. It is crucial to be able to articulate how your particular expertise, leadership style, and critical thinking can contribute towards specific boards.
#2 Crafting Your Personal Brand and Networking in the correct settings:
- Julie Colvin highlighted the importance of maintaining coherence between one's CV and online presence, coupled with clarity in expressing one's value proposition within a Director CV. You must also leverage diverse networks, encompassing personal connections and professional spheres, to seize board opportunities.
#3 Consider Due Diligence:
- Thorough due diligence is imperative when evaluating potential board opportunities. Undertaking comprehensive skillset and mindset assessments ensures alignment with the company's strategy, risk profile, culture, and your capacity to contribute meaningfully. The evolving landscape of indemnity insurance was also underscored, emphasising the need for informed decision-making among aspiring and incumbent board members.
We look forward to our next opportunity to work with the next generation of fantastic board talent.
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Derwent are delighted to have hosted over 100 attendees at our Pathway to the Boardroom event in Sydney this week, with guest speakers Inese Kingsmill and Robyn Stubbs . This ongoing series is designed to provide tips and perspectives to aspiring board members as they explore opportunities beyond their executive careers. Inese and Robyn shared their insights on how to plan for a board career; how to effectively develop and position your personal brand and expertise; and tips for identifying and assessing different board opportunities. Highlights of the discussion included: Gaining exposure to boards during an executive career provides professional development and foundational board experience to point to. Establish your Unique Selling Proposition (USP) – t here are unique skills, expertise and attributes that are personal to you, including adjacent experience applicable in other settings (such as regulated settings, customer, transformation, technology). You may be ‘pigeon holed’ throughout your executive career, so it’s important to further develop functional and industry experience in a variety of settings which can help to open up greater board opportunities. Finding board opportunities – there are a myriad of different channels including networking, board search recruiters, consulting engagements, industry associations, LinkedIn, personal connections. Develop a target list and do some initial research, but don’t boil the ocean. Due diligence is key to finding the right board, including research into growth opportunities, competitors, financial positioning, and skills gaps on interesting boards. Future fit boards and diversity including age, functional expertise and different styles around the boardroom table are increasingly valued. Keep an open mind to different opportunities in private, listed and NFP settings, focusing on where there is space for you to learn and contribute your skills. Not for Profits, Industry Associations and other Community Boards are helpful starting points, developing experience working directly with Board Members. This exposure can help to better understand board dynamics, governance responsibilities, the rhythm of board meetings, and how to effectively work ‘on the business’, not ‘in the business’. Continuous learning – with rapidly evolving macro environments, continuous learning, particularly in relation to emerging technology, will be crucial to staying ahead of the skills that boards will require in the future.
Derwent is pleased to announce that Graeme Young has joined the firm as a Partner in the Financial Services Practice. Graeme brings over 15 years’ experience in executive search and recruitment, with a focus on the Insurance market. He leverages his vast experience in global Insurance, with deep technical knowledge and networks to deliver impactful leadership and C-suite appointments. Graeme was most recently a Director at Eliot Partnership, a leading global firm in Insurance Executive Search, where he led the Australian business. Prior to his Executive Search career, Graeme spent over 20 years working across global Insurance and Reinsurance markets, commencing in London and moving to Sydney in 1998. Derwent is proud to be one of Australia’s largest Executive and Board Search firms. Our leading team of 90+ drives our growth, success and scale in delivering to the clients who entrust us to advise on critical hiring needs.
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