Having board ambitions is not enough. You also need relevent skills, experience and networks in order to pursue non-executive director positions.
So what can aspiring board directors do to get ready?
Executive search firm Korn Ferry interviewed 57 female non-executive directors of ASX 200 boards for its comprehensive report, Beyond ‘if not, why not’: The pathway to directorship for women in leadership, to be released later today.
Below is an edited extract from the report, based on the best advice from survey respondents for women considering a board career.
The full report will be published at www.kornferryinstitute.com from 7 May.
Develop your executive career with an eye on your board career. Be aggressive in advancing in your line role. Don’t shift out of management too early. Gain as much senior corporate experience as possible, particularly a C-suite position with P&L responsibility. All these help secure high-profile board roles.
Ensure you have boardroom skills. Fill any gap in skills, particularly related to financials such as the balance sheet and cash flow drivers of a business. Be prepared not only to understand, but contribute to the debate on key accounting and financing issues. Complete the AICD Company Directors course.
Obtain board experience. While still an executive, seek a seat on a subsidiary and/or nonprofit board to gain experience. Be a willing and active participant on industry committees and working parties. Consider government boards in which quality NEDs and good governance exist.
Know the right people. Networks are extremely important; new director selections are still heavily influenced by existing board members. Find a mentor—or better yet, a sponsor— who will open doors and introduce you to others. Ask senior board directors for recommendations and referrals.
Choose a board with care. Research the company, the directors, and their track record of governance. Do not underestimate the importance of board dynamics and personal relationships in determining whether you’ll find a board position fulfilling. Try to select boards in which there is at least one other woman. Being the only woman on a board can be isolating.
Market yourself smartly. Have clarity on the kind of board you are interested in, and know what you would bring to such an opportunity. Have confidence and courage to put yourself forward for roles. Display a maturity that is essential in the boardroom. Remain confident in your ambition, and know that more often than not, rejection for selection is structural, not personal. But don’t leave your executive life until you have secured some board seats, as you lose currency quickly.