The journey to becoming a successful Non-Executive Director is multi-faceted. It requires foresight, strategic positioning, and an understanding of the nuances of governance, networking, and professional development.
Our recent FEI panellists Non-Executive Director, Susan Ferrier and David J. Schwarz, Global Chief Executive of The Board Appointment Group agree, but highlighted an even more foundational step – getting clear on your ‘why?’.
“Knowing what it is that drives you to contribute at Board level will provide you with some guiding principles around where and how to look for your first governance role, as well as the passion and energy to add-value to your organisation”.
Susan and David’s insights provide a roadmap for finance professionals and executives looking to take the next step in their governance careers:
- Look for opportunities for governance-related experience in your executive career: You might prepare papers for the Board, attend Board meetings as a guest, sit on a steering committee or volunteer in your community. Governance qualifications are also useful – while qualifications are not necessary to secure a directorship, broad governance knowledge is essential.
- Foster your networks and professional relationships over the long-term: Around 80% of Board roles are filled via an informal recruitment process, with 65% through personal connections. Actively engaging with industry leaders, attending governance events, and seeking mentorship can significantly increase visibility and access to board opportunities.
- Be purposeful in your search: Know which organisations or types of organisations fit your aspirations and look for the overlap with organisations or contexts where you are most likely to have something to offer the Board in return. Finance professionals, for example, are highly sought after for their financial acumen, risk management capabilities, and strategic insight.
- Get clear on your value proposition: Your value proposition will centre around the outcomes that you could deliver to the Board – the ROI of appointing you. Mentors are well-positioned to help you formulate these. A well-crafted board CV and LinkedIn profile will highlight governance experience and strategic contributions rather than operational roles. Your non-executive resume should be succinct, powerful and name available referees.
- Understand what Chairs are seeking: including governance experience, “killer skills” (not only what you can do but how you do it), your networks and industry experience, your passion for the cause and your cultural fit to the organisation and the Board.
- Be an asset when on a Board: Be disciplined about reading papers, thinking through issues in advance of Board meetings and asking the right questions – you will be required to challenge constructively, and influence decision-making without being directly involved in execution. Communicate with your Chair about your ongoing contribution and support and learn from your fellow Directors.
For those looking to embark on their NED journey, the message was clear: start strategically, build experience deliberately, and cultivate a strong network. With the right approach, transitioning into a board career can be a fulfilling and impactful next step.
For more information on the work of The Board Appointments Group, contact David Schwarz at boardappointmentsgroup.com.