Aspiring to the Board

At Korn Ferry, we often meet candidates who accept had strong executive careers and promise to start their board careers on the biggest and almost sought after boards – the ASX 20. However, it is a rare executive that transitions directly to a acme 20 board; in fact I would say only a loftier performing meridian 20 CEO is likely to start their lath career at that place.

The advice we requite aspiring directors is to expect beyond the ASX 20 to the residue of the ASX. This is particularly relevant to women, who, the reality is, are less likely to be transitioning from a CEO role at a major listed company to a seat at a tiptop board.

For first time directors seeking a lath career, the more junior listed companies, which commonly have smaller boards, offer a great opportunity to gain board feel and to have a strong voice effectually the lath table. The women who accept successful board careers on top 20 boards have often served on boards of smaller, listed organisations, on government boards, or not-for-proft boards.

Korn Ferry'south 2013 report on the pathway to boards for women revealed that there is no unmarried pathway to directorship, rather a range of pathways to the lath table. The women nosotros surveyed were highly qualified, cut their teeth on not-for-turn a profit or regime boards, understood how boards operated, and had already congenital a successful executive career. One woman served on thirteen not-for-profit boards before she was offered her first listed board seat. Others pursued corporate roles in which they gained relevant experience or sought out mentors to help them prepare for a NED career.

Does your director journey start here

There are many pathways to a seat on a listed board and there is no better grooming for a lath than beingness a successful corporate leader. One experienced NED noted that an executive career is where you establish technical skills, reputation, and commercial exposure—the positions that will prepare yous to bring value to a board.

The allure of the ASX 20 is evident; they are strong boards, represented by the cream of Australian business including our best women directors. Still, contest for these board seats is fierce and the best manner to be considered for a peak xx seat is to bring varied and deep experience to the table.

Finally, some advice to those boards that do not nonetheless have a female director. If you are looking to heave women's participation specifically, and I hope you are, this requires understanding—and accepting as legitimate—the varied pathways women ofttimes accept to a lath seat. The journey men travel toward a board career, often from being CEO, CFO, or holding another C-suite office, is not as common for female directors. And however the richness of experience collected forth an alternative route to lath service tin can be equally valuable.

This is an edited extract from the AICD's latest Gender Diversity Quarterly Report.

8 tips on starting your board career (from Korn Ferry's report Across if not why not: The pathway to directorship for women in leadership)

  1. Develop your executive career with an eye on your board career. Be aggressive in advancing in your line experience. Don't shift out of direction besides early. Gain equally much senior corporate experience as possible, peculiarly a C-suite position with P&L responsibility.

  2. Ensure you have boardroom skills. Make full any gap in skills, particularly related to financials such every bit the balance sheet and cash flow drivers of a business organization. Be prepared not only to understand, simply contribute to the contend on key bookkeeping and financing issues.

  3. Complete the AICD Company Directors Course™.

  4. Obtain board feel. While still an executive, seek a seat on a subsidiary and/or not-for-profit board to proceeds experience. Exist a willing and agile participant on industry committees and working parties. Consider government boards in which quality NEDs and skilful governance be.

  5. Know the right people. Networks are extremely of import; new director selections are still heavily influenced by existing board members. Discover a mentor – or ameliorate all the same, a sponsor – who will open doors and introduce yous to others. Ask senior board directors for recommendations and referrals.

  6. Choose a board with intendance. Research the company, the directors and their track record of governance. Do not underestimate the importance of board dynamics and personal relationships in determining whether you lot'll find a board position fulfilling.

  7. Market yourself smartly. Take clarity on the kind of lath you lot are interested in, and know what y'all would bring to such an opportunity. Have conviction and courage to put yourself forward for roles. Remain confident in your ambition, and know that more ofttimes than not, rejection for selection is structural, not personal.

  8. Be realistic. Consider whether and why a board needs your skills. If in that location are gaps, seek to fill up them. Practise non wait around for the loftier contour lath role. You could exist gaining bench strength on a smaller board during that fourth dimension.

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