Aspiring directors looking for a seat at the board-table – whether it be part-time alongside their careers in management, or those looking to make the transition to full-time director – face stiff competition from other like-minded, ambitious individuals.
Not only is becoming a non-executive director an increasingly common ambition, it is also a role that is becoming increasingly complex and demanding.
More is being asked of today’s directors than ever before. Corporate governance is no longer considered merely an administrative ‘box-ticking’ and compliance- focused exercise.
Today, in addition to the regulatory demands placed on organisations, boards are expected to bring leadership qualities which enable and empower business performance.
Boards are expected to govern beyond compliance and to govern for performance.
Developing your director brand
While there is no single model of a successful director – each director brings a unique combination of skills and experience to every board scenario – a common characteristic of successful and experienced directors is a strong individual director brand.
Your individual director brand is the whole package: it is made up of your skill set, your experience, your strategic networks, the quality of your training and credentials, your interests and passions, and your values. Developing a strong director brand involves taking a holistic approach with your professional development and is key to landing a director position.
3 things to understand in preparation for your first role
The difference between the roles of executive and non-executive director
A director is not a manager and a board is not a management team.
The role of a director and the board is to offer strategic direction for the organisation and to hold the organisation’s executive to account.
The role of a director is not an ‘operational’ one. They offer counsel and advice to management, and oversight through monitoring and evaluation.
What it means to find the right fit
Think about your experience, your interests and your values.
Is there an industry or a particular organisation in which you aspire to work?
Or perhaps you are able to identify industries and organisations with which you would not want to be associated?
Finding a board position that aligns with your personal director brand is so much more than the skills and experience you bring to the board table.
Finding a board position takes time – be prepared to start small
Landing your first position as a director in an ASX 50 company is near impossible.
It is important to have realistic expectations and to set realistic goals when starting out.
Many directors suggest starting out on the board of a not-for-profit, or community organisation as one way to gain valuable experience.
Remember though, it should not be treated as just a stepping-stone. It is a professional commitment that should align with your values.
How the AICD can help
Many aspiring directors have turned to the Australian Institute of Company Directors (AICD) for help in taking this next step.
Our membership base of over 41,000 directors and business leaders represents a cross-section of industries and sectors throughout Australia and internationally.
We work to improve your and your organisation’s governance effectiveness, to open new doors via a range of exclusive services and to help you better understand your director duties and responsibilities.
The Foundation
