News

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.

Navigating a career towards the boardroom can be challenging, and each executives’ journey is different. Transitioning from an executive role to building a board portfolio is exciting but can feel daunting at first. At our recent Pathway to the Boardroom Forum, our Managing Director, Ben Derwent, and Managing Partner, Julie Colvin shared valuable insights with aspiring board members. Many wonder when and why to first consider a board role. It's a good idea to think about board roles early in your executive career as part of your professional development. These roles can help you learn new skills, expand your professional network, and provide great insight on how to best work with current and future boards as an executive. Choosing the right directorship that matches your skills is important. “What will compliment your executive career?” and “what board setting is most appropriate?” are important questions to reflect on. Ben also noted that looking outside the ASX200 may present interesting opportunities that are well suited to someone looking to gain experience in board settings. In the early stages of a board career you may want to consider For-Purpose or non ASX200 companies initially, and it is important to bring diverse thinking and prepare yourself for successful and fruitful meetings. When it comes to securing a board position, there are three key factors to consider: #1 Considering Your ‘Value Add’ Proposition: The importance of delineating one's value proposition, encompassing both executive and directorial settings. It is crucial to be able to articulate how your particular expertise, leadership style, and critical thinking can contribute towards specific boards. #2 Crafting Your Personal Brand and Networking in the correct settings: Julie Colvin highlighted the importance of maintaining coherence between one's CV and online presence, coupled with clarity in expressing one's value proposition within a Director CV. You must also leverage diverse networks, encompassing personal connections and professional spheres, to seize board opportunities. #3 Consider Due Diligence: Thorough due diligence is imperative when evaluating potential board opportunities. Undertaking comprehensive skillset and mindset assessments ensures alignment with the company's strategy, risk profile, culture, and your capacity to contribute meaningfully. The evolving landscape of indemnity insurance was also underscored, emphasising the need for informed decision-making among aspiring and incumbent board members. We look forward to our next opportunity to work with the next generation of fantastic board talent.

Derwent’s latest Pathway to the Boardroom event was hosted in Perth by our Managing Director Ben Derwent . The event shared valuable insights to a crowd of aspiring Non-Executive Directors to help them take their first steps towards building a fulfilling career in the boardroom. Board roles are a fantastic way of contributing expertise in different settings, and can provide opportunities to further your skillset, gain visibility across multiple business functions, extend your professional network, and to learn the dynamics of boardroom decision making. Taking the first step can be difficult, and there are often different pathways to take. On this journey, it is important to assess what type of directorship is best suited to you and your skillset. “What will complement your executive career?” and “what board setting is most appropriate?” are important questions to reflect on. There were three key themes shared for those looking to secure a board position: #1 Considering your ‘Value Add’ proposition, and how to articulate it This applies to both an executive and board career. Your value proposition as an executive includes your industry experience, functional skills, as well as strategic capabilities. In transitioning your value proposition towards being a director, this extends to how you work with a board and c-suite, your ability to contribute to strategy development, critical thinking, risk and governance, and leadership experience. The ability to articulate these elements and how they would benefit a board are key. #2 Defining your personal brand and engaging the right networks You need to clearly articulate and frame your personal brand presence (i.e. what you outwardly represent and are known for). Being proactive in engaging the right networks is the best avenue to ensure that you’re considered for board roles. Engaging search firms is also a great step, but your first board placement will likely come from your own personal networks. Building your network in both professional and social environments can help to expand your reach and opportunities. #3 The importance of due diligence Taking the time to ensure that you have done your due diligence when considering board opportunities is crucial. A company may choose you, but it is equally important that you are also choosing them. Be sure to make both skillset (company strategy, risks, industry, etc.) and mindset (the people, culture, values, alignment) checks. Derwent is delighted to continue to support the next generation of Board talent across both our events programs and directly through our expert team of Executive Search and Board specialists.

Derwent , in partnership with Lighthouse Group , were proud to host a panel event this week which focused on how Business Services (Corporate Function) leaders can be better business partners in professional services firms. The session was facilitated by Warwick Bowd who leads Derwent’s Professional Services executive search practice. Our panel of experts included Peter Nankervis , CEO of leadership and transformation consultancy Lighthouse Group, and Brad McBean , currently a Partner with ESG Partners and formerly Global MD Advisory for Aurecon and a Partner with PwC/Strategy&. Insights were shared around the challenges and opportunities of being a leader and trusted advisor when you’re not necessarily client-facing or an owner of the firm. According to the panel, in a climate of economic headwinds, increasing competition, rapid innovation and a war for talent, the bar has been raised for Business Services leaders who now need to focus on the following in order to retain their rightful seat at the table: Understanding that competitive advantage in professional services stems from having superior IP and expertise, being able to build rock-solid client relationships, and hiring and retaining stand-out people. Business Services leaders and their teams must therefore help to build capability in one or more of these three areas. Being effective communicators and managing multiple stakeholders, both across the partnership and across the various Business Services functions. Being aligned to the firm’s strategy and also aligned as separate but connected corporate functions is critical to success. Being strategic and deliberate in your planning, but also recognising that effective execution is usually the key determinant of success. “Strategy can be overrated,” so focus on executing a manageable number of well-thought through projects, so as to avoid initiative overload.

Derwent had the pleasure of hosting an informative panel discussion this week attended by HR leaders to discuss their role in company ESG initiatives and the rise of the Chief Sustainability Officer. HR leaders are increasingly expected to play a central role in company ESG initiatives and understanding the core concepts and how to embed them within talent processes is key. Topics discussed included how to embed ESG initiatives and bring the company on the journey as well as steps you can take to upskill yourself and become a better advisor to Boards and CEOs on ESG matters. Thank you to our expert panel: Sandra McInnes , Chief Sustainability Officer at Pilbara Minerals. Sandra was also former VP Corporate Affairs at Woodside and has a background in HR having held numerous senior roles at Woodside. Megan McCracken , Non-Executive Director at Pacific Energy, Chair of Freight and Logistics Council of WA and is a Leadership Coach. Megan is an experienced Non-Executive Director and Chair who has an extensive background in HR, Sustainability and Corporate Affairs. Previously Megan was EGM People, Safety, Corporate Affairs at Arc Infrastructure and was the Chair of NAWO (National Association of Women in Operations). Sandra and Megan were generous with their time and provided valuable insights and experiences from their career journey. Key takeaway : Talent in this space is growing and will continue to become highly sought after. Hosted by our Perth office, Eliza Alford, Principal HR & Legal & Mike O’Sullivan, Managing Partner

The path to a board career is different for each person, as illustrated by our speakers Peter and Adelle. Adelle’s pathway was not a planned process with Adelle’s initial Non-executive Board roles arising from several interim roles undertaken after her full-time executive career. In contrast, Peter took a deliberate path of initially adding a NFP Board appointment and subsequently adding Board roles at a range of industries that appealed to him. What Advice would you give to people beginning on a pathway to a Board career? Be aware of your values, strengths, and industries that you are drawn to. The business must interest you and the culture should align with your values. An AICD qualification is not enough on its own, demonstrating that you meet a skills gap within the Board’s skills matrix is more important. Identify skills beyond the surface level, especially those in short supply in the market. Consider a NED role in parallel with an executive role to get exposure to a Board. Use your first Board role to learn what it takes to be a good Board member. Be conscious in your first Board role to remove yourself from day-to-day management, focus less on aggressive challenging of management and offer more supportive questioning. Understand that a Chair role will require a greater time investment, as will any Chair of Board committees. What are key skills required by Boards in the current environment? Consider a range of industries and settings: get exposed to a variety of Boards as the learnings from one Board are relevant across other Boards. External factors such as workforce, cyber, supply chain and ESG impact most companies. The private space will have a key focus on company performance and strategy. Listed companies will have a wide range of stakeholders to focus on beyond the business performance. The life stage of an organisation: often companies that are growing and are open to change allow you to make the greatest impact. Consideration of NFP Boards: ensure you are passionate about the cause and that you are comfortable with the governance and structure in place. What type of Due Diligence do you recommend before joining a Board? Due diligence is important before joining a Board to ensure you are certain and comfortable to support that Board for a period - resigning from a Board has broader implications. Ensure that you have respect for the Chair as they will drive the Board agenda and will be an important mentor. Understand the culture of the organisation, if possible, spend face to face time with the executives. Is it culture that encourages performance and diversity of thought? Consider the other Directors and major stakeholders as well as reviewing Financial Statements. Google the reputation of the organisation - do you feel comfortable with the values? Asking whether this is a business you would invest in is a useful yardstick given you will invest time.

Navigating Change: How CFOs can effectively drive transformation whilst delivering maximum impact. Derwent were proud to host an informative panel event this week, which focused on effective CFO leadership. Our panel of experts included: Adele Stratton, Chief Financial Officer, Iluka Resources Donna Carrington, Chief Financial Officer, HBF Health CFOs are increasingly required to drive transformation within organisations. Finance leaders must now go beyond the numbers and effectively drive organisation-wide change that improves future company performance. The CFO Leadership Series provided valuable insights in delivering high impact and being an effective catalyst for change. The esteemed panel shared observations and learnings on this topic, along with the CFO role in all its breadth, including its critical involvement in ESG strategy. Thank you to our wonderful guest speakers Adele Stratton (CFO Iluka Resources) and Donna Carrington (CFO HBF) who shared valuable insights on a wide variety of topics which included stepping out of your profession comfort zone and taking on new areas of responsibility, the importance of succession planning, effective business partnering with the CEO and the CFOs role in leading the sustainability charge.

Derwent is delighted to have hosted three in person ‘Pathway to the Boardroom’ forums in Sydney, Melbourne and Perth. Over 200 attendees welcomed the opportunity to network with other aspiring Non Executive Directors and hear candid first hand insights from our guest speakers, these included Nicki Anderson, Stephen Health, Sandra Dodds, Bruce Rosengarten, Sharon Warburton and Jim Walker. Key takeaways included: Transition to a Board career is a journey . Early on in a Board career it can be worthwhile taking on the Board roles that are seen as ‘risky’ by others, as this can give you a strong profile and launch a Board career. If possible, transition to a Board career slowly as this allows retention of an executive income. Consider taking on some consultancy or advisory work alongside your board roles. It is possible to have an Executive career alongside a Non Executive Director role, however you will need the support of the Chair of your day job. An advantage of doing it this way is it provides a different perspective and gives you the opportunity to work alongside a different Chair. It is important to define and clearly articulate your value proposition and brand . Networking and the use of Linkedin is crucial – show people that you are available for a Board role. Consider the time commitment carefully. It is not always a part time or predictable role. Ongoing learning and professional development is very important. Directors need to be constantly curious and scan both the domestic and international community. Due Diligence is imperative: Cultural fit is very important alongside respect for the Chair as leader of the culture. Low ego and authenticity are important traits Meet with the other Directors (read the body language) and identify if there is anyone in your network that has worked for the company Financial due diligence should include a check on the cashflow situation and a conversation with the Auditors Does the culture match the systems and processes, look out for consistent behaviours, read the media and be open to getting external help, e.g., what is behind the financials Be mindful that there is no perfect company, all businesses have challenges, which adds interest Understand the Chair, who they are, their style and values Onboarding : Have one-on-one meetings with the executive. Get out and visit the business. Learn the history and ask why certain decision were made. Go back to the Chair and CEO if you need more in your induction plan. Private and Family led Boards are very different to listed Boards, with a heightened focus on solving problems to keep the business moving (as it is their business at stake), less access to big data and the need to have patience over some issues as it takes time for the Founders to feel comfortable in making significant changes. When on a Board, you have far less power than when you are an Executive. This translates to understanding the importance of asking open rather than direct questions. Diversity on Boards should be viewed with a broad lens, it is imperative to have the right skills and capabilities but often these can be acquired through genuine diverse representation, as long as the focus remains on delivering the right outcome for stakeholders. Gender is just one piece of diversity, there are many other aspects to diversity of experience and perspective. ESG conversations at the Board level are about bringing together all the ESG corporate wide pockets of activity.