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Pathway To The Boardroom with Jennifer Douglas & Richard Dammery
August 2, 2024
Derwent are delighted to have hosted another Pathway to the Boardroom event in Melbourne with over 100 attendees.
This ongoing series is designed to provide tips and perspectives to aspiring board members as they explore opportunities beyond their executive careers.
Guest speakers Jennifer Douglas and Richard Dammery provided firsthand reflection and advice around the considerations and learnings when transitioning to a board setting. Key takeaways from the discussion included how to manage the transition to non-executive roles, and how to assess the right board opportunity and skills required to add value.
Managing the transition from executive life to the board setting:
- A board’s success is determined by the character and passion of its members. As a result, preparation and research are crucial to ensure that there is alignment for the prospective board candidates to the business itself.
- The executive skills and board exposure gained throughout a career shape the value one can bring to the board of a company. Before joining a board, one should consider what value they specifically can bring that others cannot. What expertise, industry knowledge and qualifications do you possess that a particular board or company may be lacking?
- The connections and networks established during an executive career will be the most common source of a first board role. Being proactive with networking throughout an executive career and during the search for a board role will maximise your exposure and improve your luck.
Due Diligence when considering joining a board:
- Joining a board is long term commitment and a process that should not be rushed. Would you be happy to stay with this company for the next 6 – 9 years? Would you personally invest in the company? What passion or interest do you have that relates to the role?
- Different industries bring different conditions for its board members. Public, Private, Not-For-Profit, Family and Government all provide unique benefits and challenges. Some will have a long-term high regulated focus. Some will have rapid short-term focus with an appetite for innovation and risk. Although less ‘prestigious’, companies outside of the ASX200 are a great place to begin a board career as these roles are often more hands-on and impactful from a board perspective.
- Four key factors should be assessed before deciding to join a board:
- The micro and macro setting of the company (industry, competitors and prospects).
- The people within the company (the current board and executive team).
- Logistics and risks of the board (travel, location, financial health and legal risk).
- Indemnity insurance and the legal protection of a board contract offered.
- Five qualities which are commonly screened for when searching for new boards members are:
- Intellectual capability.
- Character, values and ethics.
- Interest and passion in a particular industry or company setting.
- Ability to ‘get things done’.
- Ability to drive innovation and growth.
The board setting and thinking for new members:
- Board members deal with more crisis that an outsider may expect. The board's ability to maintain a ‘cool head’ and navigate challenging circumstances are integral to success.
- Both COVID-19 and recent disruptive global technology such as Artificial Intelligence have changed the board landscape and approach to risk. Companies are thinking deeply about crisis management and how to best utilise and prepare for rapid innovation. Boards play a crucial role in navigating the complexities that global events and new technology bring. Boards are now seeking constant education and consultation on how to best remain up to date with such significant changes.
- Boards should consider three different perspectives when making decisions and discussing company affairs. Without a consideration of all three of these perspectives, there can be missed opportunities and unforeseen risks.
- Directorial perspective.
- Shareholder perspective.
- Regulatory Perspective.
- The relationship between board members and the executive team needs to be close and productive for maximum effectiveness. Any adversarial or elitist behavior will only hurt the company. The board and executive team should share expertise and insight while empowering each other to make the best decisions possible. Productive relationships, particularly between the Chair and CEO, will greatly enhance this capability.
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