Getting yourself board-ready is a journey in which you need to be realistic about the skills, experience and value you bring to a board. Throughout the process, you should be mindful that it’s a competitive marketplace.
There is an over-supply of qualified corporate directors for a limited supply of available corporate board seats. So, how do you get board-ready so you can compete for a corporate board seat?
The first step is to ask yourself these ten questions, which will determine your readiness for leading and serving on a corporate board.
- Do you have a minimum of 10-15 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 Board of Directors and senior executives to serve on a board? Refer to the WGOB E-Guide on The Benefits of Serving on a Corporate Board to learn how to build this support.
- Do you have a formal governance certification or designation (C. Dir, ICD.D, CDI.D, GCB.D) from The Directors College, Institute of Corporate Directors, ACELLC or Competent Boards)?
- Have you ever served on a board, either not-for-profit or for-profit?
- Are you a team player who understands that board dynamics are one of the most critical components of good governance?
- Do you fully understand a corporate director’s role, responsibility and liability?
- Do you understand the difference between a board of directors’ role versus a management role?
- Do you have financial acumen—meaning that you read and understand financial statements?
- Do you have experience in critical areas of our changing world such as risk management, international markets, M&A, cyber security, digital media, AI, data governance, ESG and sustainability?
