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Pathway To The Boardroom 1st June 2023: Peter Tonagh, Adelle Howse
Michelle Gardiner • June 7, 2023
The path to a board career is different for each person, as illustrated by our speakers Peter and Adelle. Adelle’s pathway was not a planned process with Adelle’s initial Non-executive Board roles arising from several interim roles undertaken after her full-time executive career. In contrast, Peter took a deliberate path of initially adding a NFP Board appointment and subsequently adding Board roles at a range of industries that appealed to him.
What Advice would you give to people beginning on a pathway to a Board career?
- Be aware of your values, strengths, and industries that you are drawn to. The business must interest you and the culture should align with your values.
- An AICD qualification is not enough on its own, demonstrating that you meet a skills gap within the Board’s skills matrix is more important. Identify skills beyond the surface level, especially those in short supply in the market.
- Consider a NED role in parallel with an executive role to get exposure to a Board. Use your first Board role to learn what it takes to be a good Board member.
- Be conscious in your first Board role to remove yourself from day-to-day management, focus less on aggressive challenging of management and offer more supportive questioning.
- Understand that a Chair role will require a greater time investment, as will any Chair of Board committees.
What are key skills required by Boards in the current environment?
- Consider a range of industries and settings: get exposed to a variety of Boards as the learnings from one Board are relevant across other Boards. External factors such as workforce, cyber, supply chain and ESG impact most companies.
- The private space will have a key focus on company performance and strategy. Listed companies will have a wide range of stakeholders to focus on beyond the business performance.
- The life stage of an organisation: often companies that are growing and are open to change allow you to make the greatest impact.
- Consideration of NFP Boards: ensure you are passionate about the cause and that you are comfortable with the governance and structure in place.
What type of Due Diligence do you recommend before joining a Board?
- Due diligence is important before joining a Board to ensure you are certain and comfortable to support that Board for a period - resigning from a Board has broader implications.
- Ensure that you have respect for the Chair as they will drive the Board agenda and will be an important mentor.
- Understand the culture of the organisation, if possible, spend face to face time with the executives. Is it culture that encourages performance and diversity of thought?
- Consider the other Directors and major stakeholders as well as reviewing Financial Statements.
- Google the reputation of the organisation - do you feel comfortable with the values?
- Asking whether this is a business you would invest in is a useful yardstick given you will invest time.
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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.
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