The Board is to a large extent responsible for corporate success and as such it is essential for aspiring Board members to be well equipped to deliver on this onerous responsibility. The role of the Board is to review and evaluate present and future opportunities, consider risks, reinforce strengths, identify weaknesses and generally provide direction and leadership. The Board ensures that the company’s organizational structure is fit-for-purpose to deliver on corporate goals and objectives. Directors owe a fiduciary duty to the Company and must act in its best interest at all times. This duty is owed to all stakeholders.
Thus the office of a Director is a high calling and comes with significant responsibilities. Many aspire to be on Boards for the prestige that comes with it and are advised to keep in mind the expectations of the office. A Director should be ready to put in the time required to adequately prepare for and attend Board meetings, contribute to the robustness of decision making by bringing on board diversity of thought, knowledge and experience.
Adequate preparation is required to effectively deliver on these expectations. The process of selecting Directors – where the Board follows due process – is a rigorous one and typically only the best candidates are selected. Boards are constantly seeking individuals that will add value to current composition to improve effectiveness. Thus, individuals who bring expertise in diverse but relevant fields, who are passionate and dedicated will be considered great candidates.
It is thus useful for aspiring Directors to pursue opportunities to showcase their skills and knowledge as subject matter experts whenever they can.
Research and gathering as much information as possible about the companies and the sectors in which they operate are proactive steps. During the recruitment process, the Board will probe to determine the level of candidates’ understanding of the peculiarities of the business and industry. Studying patterns, competition, industry dynamics and gathering background information about Board members will stand prospective candidates in good stead.
As a prospective Board member, it is imperative to build and develop professional and social networks as having a “sponsor” is one important step towards clinching a Board seat. To be effective, networking has to be deliberate and focused. The appropriate social skills required for effective networking should be acquired and perfected.
Another imperative is a great Profile and CV. The CV required in support of consideration for a Board seat is not the same as that for an executive role. A few tips on preparing a winning CV:
· Personal Statement: A paragraph that briefly describes what value you will be bringing on board based on your experience and area of core competence – also known as an “elevator pitch”.
· Board Experience: Current or prior board experience. In building up a board-ready profile, it helps to accept to serve on not-for-profit and Advisory Boards. Details of other leadership roles should also be included.
· Relevant Corporate Experience: Clearly articulate prior experience, achievements and projects executed.
· Community Activities, Affiliations and Awards: Details of community activities, volunteer work and awards received for personal and professional achievements always look great on the CV.
· Education and Development: Details of academic and professional qualification, certifications and training help the Board assess the skills set of the candidate. Prospective Director candidates should always pursue learning opportunities within and particularly outside their area of expertise.
The office of a Director is not a walk in the park. It comes with significant responsibilities. In the words of Charan, Carey and Useeem in their book “Boards that Lead”, Board leadership matters “because the fate of enterprises, employees and shareholders so often hangs in the balance. A Board’s leadership can create value, and its absence can destroy value.” The search for Directors that will add value to the Board is thus a never-ending one. As demanding as the role is, it is also very rewarding and fulfilling as one has the opportunity to contribute to economic growth.
