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Stitches Family BBQ
Derwent • Sep 14, 2018
Last week, the Derwent Perth team volunteered at the Stitches’ Family BBQ at Princess Margaret Hospital. A great success with the children, families and hospital staff.
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Derwent recently hosted 22 Directors to discuss and amplify the important work that the AICD 30% Club and Deloitte have undertaken in broadening the composition of non-traditional non-executive director profiles. The discussion actively explored whether these advocated changes highlighted in the Bold Moves in the Boardroom report have indeed been implemented and taken root. Such discussions are invaluable for fostering collaboration, sharing best practices, and driving meaningful change in corporate governance. Michelle Gardiner was joined by AICD’s 30% Club Education Working Group Members Genevieve Overell and Tony Johnson . The Bold Moves in the Boardroom and Green Shoots of Change reports highlight the broader experience needed at board level in response to increasingly complex challenges. Traditional CEO and finance expertise is no longer sufficient – an effective strategy will require skills in marketing, human capital, data, digital transformation and customer experience. This may have the added benefit of a gender dividend given the high proportion of women with these skill sets. A board operates as a team with a mix of complementary skills. However, depth versus breadth will inevitably differ according to the size of board, stage in life cycle and sector – with a deep specialisation often being met through an executive position instead. Substantive change is likely to be seen in the private sector first (as shown in Green Shoots of Change, with movement being seen mainly at the periphery). Additionally, emerging and listed corporates will be mindful of how each appointment is perceived by investors. Larger boards can be bolder in appointing new and different board members. Questions could be asked around whether board sizes should be increased to provide the breath of expertise, or should board terms be reduced to achieve a similar outcome? Emerging areas of need now include generative AI. Digital expertise is seen as a must have and covers a range of areas from deep data and technology, through to go-to-market and SaaS. Occasionally it might be best practice to upskill every board director through education sessions and hands-on involvement. Advisory Boards can be one way of keeping boards contemporary. They are also a good way to achieve transition to a board career for a specialist. Diversity includes different communication styles (DISC profiling can be useful) as well as socioeconomic and ‘lived experience’. Diversity and inclusion must also be reviewed in the executive ranks, especially as this is a pipeline to the future. The role of boards in oversight and succession planning is to enhance and strengthen board ecosystems, including diversity in all its complexity.
Derwent had the pleasure of hosting an event ‘Customer at the Core’, facilitated by Jemma Buckner and a fantastic panel consisting of Fiona Notley , Kevin Brown , Louise Gibson and Lindsay Every . All organisations are needing to adapt and transform as the needs of their customers and communities’ shift. Addressing these changes requires strategic decision making around leadership skillsets, learning and development, and the role of technology to support these agendas. Executives from various sectors, including healthcare, aged care, disability services, financial services, and non-profit organisations, joined us to engage in an interactive discussion on these critical themes and topics. One important lesson learned is that every organisation faces change, emphasising the need for a well-defined strategy in technology evolution and prioritising specific objectives. It's crucial to ensure that any decisions concerning diversification and revenue expansion resonate with the core values and mission of the business.
Derwent welcomed more than 100 aspiring board members and guests to our Pathway to the Boardroom series with experienced Directors Joe Pollard and Debra Singh . Despite taking different pathways to secure their first board roles, both speakers emphasised the importance of building out executive experience and breadth before marking the transition to non-executive positions. There was also an emphasis on staying connected to the people who will keep you across the right board opportunities, which can be vastly different to executive networks. In exploring the journey to the boardroom, Joe and Debra uncovered some key tips and tricks including: understanding your passions and value add; a board career is not a part-time role; getting comfortable with rejection; and learning the art of the good question. Understanding your passions and value add: It’s important to find clarity in where you can add value, and what your experience is. Then consider target companies of interest that are aligned to those skills. Prioritise the things you are passionate about, as the subject matter will be more intuitive to you. When looking at board roles, you have to sell yourself more and establish your own value proposition and what you will specifically bring to the board table. Being a Board Director is not a part-time role: It is important to be across the detail as a Director; you can’t govern a business if you don’t understand it. There is still a significant and important time commitment associated with a board role. There will be times when you are in the trenches alongside other board members and executives. You may need to upskill yourself beyond your existing expertise in order to ask the right questions and provide the right governance. Invest time up front when considering if a potential board role is right for you. Spend as much time as you can with the business to get a true sense of the culture. Getting to know the chair and fellow board members will also enable you to build trust, respect, and foster constructive debate. Face-to-face time is important. Be comfortable with rejection: Get used to rejection. There is a lot of competition for board roles, and vast ranges of experiences and skill sets. You need to be able to bounce back from rejection, it’s a reflection of what the board needs at a specific point in time and not always a reflection of the candidate. Don’t waste a rejection, it’s okay to seek feedback from a board that did not appoint you. It can take time to get on a board, someone needs to take a risk on appointing you. ASX and public sector boards are typically the most conservative in their appointments. The art of asking a good question: Learning how to be a good Director is fundamentally different to an executive job. The art of asking a good question is extremely important so that you can govern and steer, rather than just bringing the right answer. There’s a skill to be learned from reviewing the papers and asking the right questions. Read the board papers thoroughly and ensure you have adequate information for decisions. Explore the non-technical areas – is this a team you can build trust and respect with? Ensure the board has similar values and moral compass to you. Have the courage to also reject the boards that aren’t right for you too. New directors can bring a fresh perspective, new dynamic, and prompt different thinking and questions. Learn the art of a good question and the difference between what questions to ask, what questions not to ask in a board meeting, and what questions to take off-line.
