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Pathway to the Boardroom Forum with Ben Derwent
Ben Derwent • November 15, 2023
Derwent’s latest Pathway to the Boardroom event was hosted in Perth by our Managing Director Ben Derwent.
The event shared valuable insights to a crowd of aspiring Non-Executive Directors to help them take their first steps towards building a fulfilling career in the boardroom.
Board roles are a fantastic way of contributing expertise in different settings, and can provide opportunities to further your skillset, gain visibility across multiple business functions, extend your professional network, and to learn the dynamics of boardroom decision making.
Taking the first step can be difficult, and there are often different pathways to take. On this journey, it is important to assess what type of directorship is best suited to you and your skillset. “What will complement your executive career?” and “what board setting is most appropriate?” are important questions to reflect on.
There were three key themes shared for those looking to secure a board position:
#1 Considering your ‘Value Add’ proposition, and how to articulate it
- This applies to both an executive and board career. Your value proposition as an executive includes your industry experience, functional skills, as well as strategic capabilities. In transitioning your value proposition towards being a director, this extends to how you work with a board and c-suite, your ability to contribute to strategy development, critical thinking, risk and governance, and leadership experience. The ability to articulate these elements and how they would benefit a board are key.
#2 Defining your personal brand and engaging the right networks
- You need to clearly articulate and frame your personal brand presence (i.e. what you outwardly represent and are known for). Being proactive in engaging the right networks is the best avenue to ensure that you’re considered for board roles. Engaging search firms is also a great step, but your first board placement will likely come from your own personal networks. Building your network in both professional and social environments can help to expand your reach and opportunities.
#3 The importance of due diligence
- Taking the time to ensure that you have done your due diligence when considering board opportunities is crucial. A company may choose you, but it is equally important that you are also choosing them. Be sure to make both skillset (company strategy, risks, industry, etc.) and mindset (the people, culture, values, alignment) checks.
Derwent is delighted to continue to support the next generation of Board talent across both our events programs and directly through our expert team of Executive Search and Board specialists.
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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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