By: Dr. Deborah Rosati

When I began my board journey, I had not considered the importance of diversification  in my board portfolio. As a newcomer, I accepted the opportunities that were available to  me. However, as my career progressed, I began to realize the importance of applying a  strategic lens to my board portfolio. 

Your “board portfolio” is the combination of boards you lead and serve on. Like an  investment portfolio, it should be developed strategically so it accurately reflects the  stage of your career, your risk profile, and your professional goals. As with your  investments, you should monitor and review your board portfolio regularly to ensure you  are getting a return on your commitment. 

At Women Get On Board, our mandate is to connect, promote, and empower women for  corporate boards. Whether you are an experienced director or seeking your first  corporate board seat, everyone can benefit from considering how to grow and diversify  their portfolio in the short, medium, and long term. 

Here is what we recommend for positioning your board offer and building a portfolio that  aligns with your ambitions.

1. Assess Your Board Readiness and Value Proposition 

Is it your first time applying for a board? Before developing a strategy for your board  portfolio, it is essential to assess your board readiness. Many successful executives  assume that their executive leadership role qualifies them for a corporate director role,  but there is a distinct difference between management and board oversight.  

To assess your board readiness, ask yourself:  

  • Are you prepared to commit 200 to 300 hours per year to a corporate board  position? 
  • Do you have the necessary financial acumen? 
  • Do you understand the liabilities and responsibilities of serving as a board  director? 

Once you determine that you are ready, the next step is to craft your board value  proposition. This step is one of the most critical because you must define what you  uniquely bring to the boardroom table and what distinguishes you from other  candidates. You should be able to articulate your board value proposition in a 30- second elevator pitch that highlights your specific expertise and explains how you bring  skills and knowledge the board currently lacks. Read more about crafting an effective  board value proposition in this blog post.

2. Consider the Evolution of Your Board Journey 

As you build your board portfolio, assess the size and stage of the companies you aim  to serve. 

Size is a critical factor because the director’s role evolves as a company grows. If you  join the board of an emerging business, your role will likely be more hands-on and  focused on delivering immediate value. As the company matures, the function shifts  toward oversight. 

Every board cycles through stages—such as emerging, growth, transformation, or  restructuring—each requiring a different time commitment and pace of work. As you  select positions, consider how each role can broaden your expertise and offer  opportunities to address a range of governance issues. While navigating challenges  such as CEO succession, M&A transactions, and major industry disruptions can test  your abilities, they also offer the chance to demonstrate your business acumen and gain  valuable experience. As your governance career matures, consider taking on leadership  roles, such as committee chair, to further diversify your expertise and hone your  decision-making capabilities.

3. Step Outside Your Comfort Zone 

If you are already a seasoned director, it is important to ask yourself:  • When was the last time you took risks or challenged yourself with your board  portfolio?  

  • Have you considered joining boards in new industries or sectors?  

While exploring roles outside your typical wheelhouse carries some risk, it offers  exciting opportunities to expand your skill set. For example, in 2017, I joined the board  of a Canadian medical cannabis company. Although the cannabis field was new to me, I  applied my financial, public-company, and regulated-industry experience to an emerging  sector—and gained expertise in the process. 

You may also consider stepping outside your comfort zone by joining a new committee.  Serving on a special committee for a CEO search or a significant transaction can offer  unique, challenging learning opportunities. Expanding into new areas also helps you  meet people beyond your current network. While being the “outsider” who must earn the  trust of board colleagues can be intimidating at first, it also lets you learn from others  with industry backgrounds different from your own.

4. Consider the Practical Issues: Calendars and Compensation

Before accepting a new board opportunity, it is vital to review the corporate calendar  and fiscal year-end. If you serve on several boards that share a December 31st fiscal  year-end, you will likely face conflicting scheduling demands during peak financial  reporting periods.

Next, evaluate the board compensation, which will vary widely by company size and  stage. Not only should you research whether the compensation level is appropriate, but  you should also establish whether you are prepared to accept a mix of cash and equity  or 100% equity in the form of Deferred Share Units (DSUs).

5. Build a Powerful Board Resume and LinkedIn Profile

As you gain experience and your board portfolio evolves, ensure your board resume  and online profile reflect those changes. Unlike a traditional professional CV, your board  resume must be a dynamic, highly targeted document tailored to the specific board  positions you are seeking. Emphasize your unique value proposition, industry-specific  knowledge, prior board experience, and career accomplishments that demonstrate your  understanding of the broader macro environment. 

Similarly, your LinkedIn profile should be up to date and highlight your key career  achievements. In today’s digital age, LinkedIn is often where you make your first  impression, so it should include details relevant to the board roles you are targeting. 

Key Takeaways 

No matter where you are in your board career, it’s never too soon—or too late—to  consider diversifying your board portfolio. By strategically evaluating your commitments,  stepping outside your comfort zone, and clearly articulating your value, you can build a  portfolio that tells a powerful story of your leadership journey.