Getting Women on Boards

Women are continually making strides in the job market and raising in ranks to executive and CEO levels in prominent publicly traded companies. The climb is still further. I am talking about getting women on boards. When I dig deeper into this subject, I learn that many women serve on not-for-profit boards, even Chair a good number of them. Women may also serve on committees for public and private boards, but it's rare to see women in a paid board position with a publicly traded company and almost unheard of to see a woman Chair of a publicly traded board.

Why is this? Why are boards not an area where women are advancing their leadership potential towards?

I set a goal two years ago as I was over-hauling my Vision and Goals for 2030 to sit on 2-3 board roles by the time I was 58. I also set a goal that I would learn about board governance, consult with privately held companies on how to set up an advisory or fiduciary board, and mentor women executives to take on a board role within their career plan.

So now I begin my journey to understanding what it will take from me to be offered a board position, and how I can mobilize other women to serve on paid board seats. What I have learned so far: (and I'll share other findings with you as I progress)

Know what types of boards you want to sit on and what types of industries you could best contribute to:

• Understand why you want to be on a board and what's your passion?
• You might want to start off serving on a committee, or a smaller board like your condo board or tennis club or children's private school board. These are all good ways to learn about governance and board operations.

Include board roles in your development plan:

• Ensure your boss and CEO know you want to serve on boards, whether they are non-profit, private or public.
• There may be a conflict of interest between your company and the company you are applying for a board position to sit on.
• And you want to make sure your boss will support you with the time off work to attend board meetings.

Understand the time commitment of being on a board:

• Fiduciary boards can take up to 300-400 hours per year and more hours for committee work.
• Non-for-profit boards can take 200-300 hours per year.

Selecting board positions to apply for:

• Understand the skill set required for a board position. Similar to job postings, board roles will ask for key behaviours and experience levels. Apply even if they are asking for 8-10 years experience and you only have 5-7 years. Apply, get in early and see how far you get in the candidate experience.
• Ensure there's alignment to your vision and values.
• Learn who else is on the board and how your skills would compliment the other board members.
• Once further in the selection process, make sure to do your due diligence on reviewing cash flow and liabilities. A poorly financed company can mean lots of struggles for your board.

Understand the key skills boards will be looking for:

• Financial Literacy - many women who are not in a finance role may be discouraged to apply to a board role as they think they need to be a CFO. Understand financial statements is key but you are not expected to run a Finance team or create financial statements. If you're shaky in reading and speaking to financial statements then take a course in Financial Management for Non-Financial Managers to brush up on your gaps.
• Shifting from Management to Director Role - your role as a Director is to ask questions and gather insights that will be helpful for you and your board colleagues to understand how management is performing in the company. You are also working more collaboratively with management versus directing them.
• And today, there is greater emphasis for board members to have skills and experience in cybersecurity, internal audit and governance, and ESG (environment, societal and governance). Again don't be discouraged if you don't have those direct skills, learn about them. Attend a symposium on cybersecurity, do you due diligence and research, talk to your head of finance or technology to learn more about these requirements in business.

Complete your directors designation:

• Experience is more important and it doesn't hurt to receive formal education in board governance and oversight.
• Two programs in Canada to consider: In Canada, Rotmans Directors Education Program and DeGroote's Corporate Directors Program both offer comprehensive and flexible approaches to receiving your designation. These programs are substantial investments and worth it!
• For a more reasonable solution before making a bigger investment is the Rotmans Non-Profit Directors Governance Course.

Leverage Your Network:

• Ask lots of people. Some of your network may not even post in their LinkedIn profile that they serve on a board.
• Network mapping - identify "sponsors" from your network.
• Join Women Get On Board Association in Canada. They have meet-ups with great speakers debunking the myths of being on boards and equipping women with tools to seek out a board role. They also post open positions across Canada.

This is a preliminary list to get you started. I will start sharing more learnings from my directors designation program, especially around internal audit and committee governance. Stay tuned!

About Brenda:

I am Brenda Rigney. I have been leading teams and organizations for 25 years. My clients are Founders, CEO’s and Executive leaders that want to make a bigger difference with their teams. These leaders are vested in connecting with their people, aligning the company culture and strategy, and developing themselves to be a mindful leader with their work, their relationships and their well-being. I am at my best when I am living my vision of expanding the potential of women, as done by mentoring young women in business, learning how to advance women executives on boards, or fundraising to improve the rural conditions of women in third world countries. I reside in Vancouver, Canada.