Board Aspirations

I am often asked by executives approaching the end of their careers and potential semi-retirement, how best to transition to a board career.

?A Board portfolio offers the opportunity to remain engaged, share expertise, and influence the strategic direction of organisations. However, landing that board seat can be challenging in Australia. We are a relatively small economy compared to the US and UK, which coupled with intense competition and limited opportunities at the big end of town, creates somewhat of a scarcity of board positions. Over the years I have been fortunate enough to gain great insight form seasoned board executives, and those trying to jump onto their first board.

This is my anecdotal view of how you can potentially land a board role.

It goes without saying that to set the stage for a successful board career, it's crucial to excel in your current executive role. Your expertise and achievements are the elements that will make you attractive to boards. Focus on reaching a C-suite or executive leadership position with P&L responsibility to demonstrate capability, strategic ability and leadership skills.

Deepening and understanding governance issues is key to a board role, alongside a suite of other skills. Ensure you take every opportunity to deepen your skillset and consider programs to help you further expand your skillset – AICD for example is a must do program. Developing these skills can be gleaned through official learning programs or qualifications or even from access to your current board and gaining indirect exposure through them.

Before applying for board roles, conduct a comprehensive skills audit to identify what you bring to the table and where you need improvement. Even top Executives still have areas of development and facing into these is critical, however uncomfortable. Boards value financial acumen, but other skills like technology/digital, operations, risk and reputation management, and geopolitical awareness are also critical. Address any skill gaps and work on building a robust skill set that aligns with current boardroom demands.

Your executive resume may not fully capture what a board is looking for. The role of a board member differs to that of an Executive and rewriting your CV to highlight salient points is critical. Consider your strategic thinking, leadership skills, and experience with committees or task forces and include examples of successful projects, committees, and strategic initiatives. Develop a clear value proposition that articulates what you bring to a board and why they should choose you, over more experienced candidates.

Not all boards are created equal, and it's essential to find opportunities that align with your expertise and interests. Identify what excites you and which industries or companies you are passionate about. While ASX Top 100 boards may be attractive, consider targeting mid-cap, small-cap, or even start-up companies where your skills may be more in demand. These smaller boards often offer greater opportunities for direct involvement and impact, with an opportunity to use these as a building block, if desired, for an ASX TOP 100 board.

To achieve your board career goals, develop a clear roadmap. Start by gaining experience on NFP boards, advisory boards, or smaller private company boards. This experience helps build your boardroom skills, expand your network, and demonstrate your commitment to governance. Seek out organizations in your area of interest and focus on those where you can make a genuine impact. Without a plan, it’s unlikely the perfect board role will land in your lap.

Networking is a crucial aspect of landing a board seat. Build connections with existing board members, executives, and professionals in your industry. Network extensively, attend industry conferences, and engage with professional associations. Approach networking with a mindset of helping others and be open about your aspirations to join a board. Seek advice from experienced directors and always be willing to learn from their experiences.

A strong personal brand and a visible corporate and online presence are essential for attracting board opportunities. In the modern era (and as much as it pains me to say it), update your LinkedIn profile to reflect your board ambitions, and showcase your thought leadership through articles, conference presentations, and other public engagements. Aim to be active in industry publications, podcasts, and other platforms where board decision-makers might find you. Your personal brand creation is more about who you are as a leader, as a person and how you can add value, than it is about just your qualifications – it’s about creating an authentic story which explains what you stand for as an individual.

Search firms will be valuable resources in your board career journey. Engage with firms specialising in board appointments and use networking groups to find potential opportunities. These resources can help you access a broader range of board openings and connect with decision-makers seeking directors.

When interacting with existing board members, ask for advice rather than directly requesting a board seat. Use these interactions to learn about the board recruitment process, understand the dynamics of different boards, and receive valuable feedback on your board career strategy.

Transitioning from an executive career to a board career requires careful planning, strategic networking, and a clear understanding of your value proposition. It’s not an easy journey navigating the competitive landscape of board opportunities but hopefully my insights will go a little way to helping your chances of securing a board seat which aligns with your skills and passions. Patience and persistence are key, and the journey to the boardroom is often as rewarding as the destination.

Onward and Upwards

Credit: D&Q Agency. This is not an AI generated article.