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The first step in getting prepared to lead and serve on a corporate board is to make a plan. As, I’ve written about before, getting board-ready is a journey. A journey where you need to be realistic in your skills, experience and value that you bring to a corporate board while acknowledging that there are lots of qualified corporate directors looking for corporate board opportunities.
I’m often asked how to begin a corporate board journey. And my best advice is to ask yourself these 10 questions to help you prepare yourself to lead and serve on a corporate board:
10 Board-Ready Questions
- Do you have a minimum of 10 to 15 years of experience in a senior executive role in the public, private, crown or not‐for‐profit sectors?
- Are you prepared to commit at least 200 to 300 hours per year to a corporate board role?
- Do you have the support of your own Board of Directors and/or senior executives to serve on a board?
- Do you have a formal governance certification or designation (C. Dir or ICD.D) from the Directors College or the Institute of Corporate Directors?
- Have you ever served on a board, not‐for‐profit or for profit?
- Are you a team player that understands the dynamics of boards is one of the most critical components of good governance?
- Do you fully understand the role, responsibility and liability of a corporate director?
- Do you understand the difference between a board of directors role versus a management role?
- Do you have financial acumen—can you read and understand financial statements?
- Do you have experience in critical areas in our changing world such as Risk Management, International Markets, M&A, Cyber Security, Digital Media, Big Data, etc.?
To help you begin your board journey, Women Get On Board has two upcoming workshops; “How to prepare yourself for Board roles” on November 2, 2016 and “How to get yourself on a Board” on December 7, 2016.
Hope you can join us!