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Pathway to the Boardroom 2022
November 18, 2022
Derwent is delighted to have hosted three in person ‘Pathway to the Boardroom’ forums in Sydney, Melbourne and Perth. Over 200 attendees welcomed the opportunity to network with other aspiring Non Executive Directors and hear candid first hand insights from our guest speakers, these included Nicki Anderson, Stephen Health, Sandra Dodds, Bruce Rosengarten, Sharon Warburton and Jim Walker.
Key takeaways included:
- Transition to a Board career is a journey.
- Early on in a Board career it can be worthwhile taking on the Board roles that are seen as ‘risky’ by others, as this can give you a strong profile and launch a Board career.
- If possible, transition to a Board career slowly as this allows retention of an executive income. Consider taking on some consultancy or advisory work alongside your board roles.
- It is possible to have an Executive career alongside a Non Executive Director role, however you will need the support of the Chair of your day job. An advantage of doing it this way is it provides a different perspective and gives you the opportunity to work alongside a different Chair.
- It is important to define and clearly articulate your value proposition and brand.
- Networking and the use of Linkedin is crucial – show people that you are available for a Board role.
- Consider the time commitment carefully. It is not always a part time or predictable role.
- Ongoing learning and professional development is very important. Directors need to be constantly curious and scan both the domestic and international community.
- Due Diligence is imperative:
- Cultural fit is very important alongside respect for the Chair as leader of the culture. Low ego and authenticity are important traits
- Meet with the other Directors (read the body language) and identify if there is anyone in your network that has worked for the company
- Financial due diligence should include a check on the cashflow situation and a conversation with the Auditors
- Does the culture match the systems and processes, look out for consistent behaviours, read the media and be open to getting external help, e.g., what is behind the financials
- Be mindful that there is no perfect company, all businesses have challenges, which adds interest
- Understand the Chair, who they are, their style and values
- Onboarding: Have one-on-one meetings with the executive. Get out and visit the business. Learn the history and ask why certain decision were made. Go back to the Chair and CEO if you need more in your induction plan.
- Private and Family led Boards are very different to listed Boards, with a heightened focus on solving problems to keep the business moving (as it is their business at stake), less access to big data and the need to have patience over some issues as it takes time for the Founders to feel comfortable in making significant changes. When on a Board, you have far less power than when you are an Executive. This translates to understanding the importance of asking open rather than direct questions.
- Diversity on Boards should be viewed with a broad lens, it is imperative to have the right skills and capabilities but often these can be acquired through genuine diverse representation, as long as the focus remains on delivering the right outcome for stakeholders. Gender is just one piece of diversity, there are many other aspects to diversity of experience and perspective.
- ESG conversations at the Board level are about bringing together all the ESG corporate wide pockets of activity.
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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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