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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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