10 Lessons for the Boardroom: Insights from the SMU-SID Directorship Program

Over the past six months, I’ve had the privilege of participating in the SMU-SID Directorship Program, a highly regarded initiative jointly offered by Singapore Management University and the Singapore Institute of Directors. This comprehensive program is designed to prepare aspiring and current board directors to excel in today’s increasingly complex and dynamic corporate environment.

The curriculum spans six critical areas of board leadership: (1) understanding director duties, responsibilities, and legal obligations; (2) governing financial and strategic performance; (3) navigating board dynamics and culture in a digital age; (4) overseeing risk management and cybersecurity governance; (5) driving sustainability initiatives; and (6) ensuring effective succession planning and compensation decisions.

This experience has been transformative, offering not just technical expertise but also a deep understanding of the nuanced balance required to steer organizations toward growth and resilience. Along the way, I had the privilege of engaging with hundreds of smart, experienced leaders, whose diverse perspectives and insights enriched the learning journey. Through this program, I’ve gained clarity on what it truly takes to excel as a board director—how to ask the right questions, represent shareholder interests effectively, and provide strategic guidance in an ever-changing business environment.

Here, I share my top 10 key insights from this training and how I envision applying these lessons as I step into future directorship roles. My goal is to be a forward-thinking, impactful board director—one who fosters sustainable growth, champions innovation, and ensures organizations remain resilient and agile in an ever-evolving landscape.

1?? Perceived Individual Liability vs. Reality

Initially, the idea of personal liability as a director seemed daunting. However, the training emphasized that liability is significantly reduced when boards operate collectively with proper structures, checks, and counterbalances. A key element in this collective strength is fostering psychological safety, where all members feel empowered to challenge assumptions, ask questions, and contribute to robust discussions without fear of retaliation. This not only mitigates personal risk but ensures the board operates at its highest capacity, leveraging diverse perspectives for better decision-making. Boards that emphasize psychological safety and strong interpersonal dynamics are more influential and effective in guiding management, fostering a culture of openness.

?? My Personal Action: I will prioritize joining boards that emphasize collective decision-making and possess clear governance frameworks. I will also pay close attention to how the chairman fosters psychological safety, ensuring that the board operates cohesively and has a positive, collaborative environment.

2?? The Importance of Disclosure and Minutes

“Disclose when in doubt” is a golden rule in directorship. Transparency is not only a safeguard against potential liability but also a way to reinforce accountability and trust within the organization. Proper disclosure addresses conflict or concerns openly, preventing legal repercussions and preserving the board’s integrity. Equally important are well-documented meeting minutes, which serve as vital records, demonstrating due diligence and informed decision-making. Together, disclosure and detailed minute-keeping form the foundation of effective governance, mitigating risks and reinforcing the board’s credibility.

?? My Personal Action: I will advocate for robust minute-keeping practices and ensure that all contributions are clearly and accurately documented. Additionally, I will assess existing documentation practices when considering new board positions, looking for transparency and adherence to best practices.

3?? Insurance as a Safety Net

Directors’ and Officers’ (D&O) insurance is an essential safeguard for mitigating the financial risks associated with legal actions against board members. Without D&O insurance, directors are exposed to significant personal financial liability, which can hinder bold, strategic decision-making. With comprehensive coverage, directors are protected and can focus on their fiduciary duties and long-term strategic oversight. This insurance serves as a crucial enabler, allowing directors to act confidently and responsibly without fear of personal financial repercussions.

?? My Personal Action: I will prioritize organizations that offer strong D&O insurance coverage, ensuring my role as a director is protected. I will inquire about the scope of the insurance, its limits, and how it has been used in the past to safeguard leadership, enabling me to focus on guiding the company toward transformative goals.

4?? Monitoring AND Coaching

Boards fulfill two primary roles: monitoring and coaching. Monitoring ensures management aligns with shareholder interests, adheres to governance standards, and delivers on strategic goals. However, excessive monitoring can lead to micromanagement, stifling innovation. Coaching, on the other hand, involves mentoring management, guiding executives through challenges, and preparing them for future disruptions. Effective boards strike a balance between these two roles. Monitoring ensures accountability and risk mitigation, while coaching empowers management to drive sustainable progress and innovation.

?? My Personal Action: I will bring a dual focus to my future board roles—combining robust monitoring with mentoring. I aim to help organizations achieve both operational discipline and long-term strategic growth by balancing accountability with innovation and leadership development.

5??The Power of Asking Questions

A director’s most powerful tool is the ability to ask thoughtful, strategic questions. These questions ensure robust oversight, challenge assumptions, and uncover potential blind spots while respecting management’s operational domain. Failing to ask the right questions can lead to missed risks or governance gaps. Effective directors understand that their role is to ask questions that foster insight and informed decision-making—not to provide answers or dictate actions. This promotes a culture of collaboration and enhances the quality of board discussions.

?? My Personal Action: I plan to refine my questioning skills by studying real-world case studies and observing experienced board members. I will actively seek feedback on my approach to ensure my questions remain constructive and aligned with the board’s strategic objectives, elevating discussions and governance quality.

6?? The Role of Independent Directors

Independent directors are essential to preventing Group-Think and ensuring that boards remain dynamic and responsive to change. In today’s world, marked by BANI conditions (Brittleness, Anxiousness, Nonlinear shifts, and Incomprehensibility), the role of independent directors becomes even more critical. They offer objective viewpoints that challenge entrenched thinking and push boards to tackle complex, evolving challenges. Without independent voices, boards risk becoming complacent and disconnected from the realities of an unpredictable world.

?? My Personal Action: I will advocate for diversity and independence on the boards I join, ensuring that independent directors are actively involved. I will leverage my independent perspective to contribute to robust debates and help organizations navigate the complexities of the world, ensuring long-term success in uncertain times.

7?? Driving the Transformation Agenda

Boards today are tasked with leading transformation in areas such as digital innovation, sustainability, cybersecurity, and mergers and acquisitions. Neglecting these transformative agendas can lead to stagnation and missed opportunities. Transformation should be embedded in boardroom discussions to maintain competitive advantage and ensure long-term success. As someone with decades of experience leading transformation, I understand the critical importance of embracing change—whether it’s through digital adoption, sustainability, or evolving business models.

?? My Personal Action: I am eager to join boards that prioritize transformation. I will focus on areas like digital transformation, sustainability and business model innovation, where my expertise can help organizations adapt to the rapidly changing landscape and thrive in this era of constant change.

8?? Avoiding Unbalanced Scorecards

Balanced scorecards are vital for aligning short-term performance with long-term strategic goals. Boards must ensure that these metrics are comprehensive, future-focused, and well-rounded. Relying solely on short-term indicators risks undermining long-term goals and creating a disconnect between immediate actions and the organization’s vision. A balanced scorecard integrates operational efficiency with strategic growth, ensuring both short-term success and long-term sustainability.

?? My Personal Action: I will ensure that any board I join aligns performance metrics with both short-term and long-term strategic goals. By integrating operational efficiency with strategic foresight, I’ll help ensure organizations can achieve immediate successes while positioning themselves for sustainable growth.

9?? Structure vs. Rewards

The structure and incentive mechanisms of boards are pivotal in ensuring alignment with the organization’s strategic priorities. Misaligned rewards can lead to poor decision-making and disengagement, while well-structured incentives drive accountability and align directors with the company’s vision. Effective reward systems motivate both the board and management to focus on long-term, transformative goals, ensuring sustainable growth and strategic success.

?? My Personal Action: I will actively inquire about reward structures and ensure they are aligned with long-term, transformative goals. Engaging in these discussions will help advocate for incentive systems that prioritize sustainability, innovation, and alignment with the company’s evolving strategy.

??People as the Cornerstone

An organization’s success is built upon its people. Boards must prioritize talent development, succession planning, and a culture of innovation. Neglecting people strategies can lead to stagnation and missed opportunities. In today’s dynamic business environment, the right talent and organizational culture are critical for driving resilience and growth. Boards must ensure leadership development and maintain a strong talent pipeline to foster long-term success.

?? My Personal Action: I will prioritize talent strategies and succession planning in any board role. By leveraging my experience in leadership development and organizational transformation, I will advocate for robust talent pipelines, continuous professional growth, and a culture that aligns with the organization’s vision.

In Conclusion, A Call for Collaboration

Reflecting on these insights, I feel more prepared than ever to contribute meaningfully to a board’s success. My goal is to join a forward-thinking, for-profit organization focused on transformation—whether in sustainability, digital innovation, or business model reinvention. I look forward to starting my journey as a sub-committee member, gradually immersing myself in the organization’s governance and operations.

If your organization is looking for a dedicated, insightful director passionate about driving change and contributing to long-term success, I would love to connect. Let’s collaborate and make a lasting impact together.