Pod Insights No B.S. Job Search Advice Radio 6 Steps to Becoming a Board Member About this episode EP 3029 Strategies for enhancing one's profile, networking effectively, and understanding the demands of board service. A key theme is articulating one's unique value proposition, highlighting relevant skills and experience. Targeted networking, researching potential boards, and preparing a compelling board-focused resume and bio are important. Furthermore, the role of diversity and inclusion in board recruitment is discussed, along with the time commitment and responsibilities involved. ABOUT JEFF ALTMAN, THE BIG GAME HUNTERPeople hire Jeff Altman, The Big Game Hunter to provide No BS job search coaching and career advice globally because he makes job search and succeeding in your career easier. Schedule a discovery call to speak with me about one-on-one or group coaching during your job search atwww. TheBigGameHunter.us. You will also find great info and job search coaching to help with your job search atJobSearch. Community Subscribe to No BS Job Search Advice Radio, the #1 podcast in Apple Podcasts for job search with more than 3000 episodes. Connect onLinkedIn:https://www.linkedin.com/in/TheBigGameHunter We grant permission for this post and others to be used on your website as long as a backlink is included towww. TheBigGameHunter.us and notice is provided that it is provided by Jeff Altman, The Big Game Hunter as an author or creator. Not acknowledging his work or providing a backlink towww. TheBigGameHunter.us makes you subject to a $1000 penalty which you proactively agree to pay. Please contact us to negotiate the use of our content as training data.
Transcript 0:00 Speaker 00 Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time.
0:12 Speaker 01 Pricing participation may vary. Promotion pricing may be lower than meal pricing.
0:16 Speaker 02 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web. Like restoring a vintage motorcycle from a 50-page restoration block. Or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies 18 plus.
0:41 Speaker 03 Welcome back to the deep dive. Today, we're diving into something many successful CEOs think about. Getting on a US company board. Let's say you're 51. You've got a great track record leading startups. And now you want that board seat. What's the plan? We've got some great resources today. Articles on landing board roles, a panel discussion with some real board experts, and even advice from a board recruiter.
1:04 Speaker 04 It's interesting because the path isn't always clear. You know, it's not as simple as just hitting a certain age or even having that CEO title.
1:11 Speaker 03 Yeah, that makes sense. So first things first, what does the landscape even look like? I read one article that said only about 3,000 public company board seats open up every year.
1:21 Speaker 04 And even fewer for private companies.
1:23 Speaker 03 Wow.
1:24 Speaker 04 Bolster, this company that connects CEOs with executive talent, they estimate it's only like 2,000 to 3,000 private company board seats each year. On top of that, you've got the average board member sticking around for 10 years at public companies, so these spots are really sought after.
1:39 Speaker 03 So this is a long game, though. No quick wins here.
1:42 Speaker 04 Definitely not. You need a strategic approach. Think three to five years out, maybe even more.
1:47 Speaker 03 OK, so no rushing into this. So how does someone even start to stand out? You know, with all this competition.
1:54 Speaker 04 You've got to think of it like building a product. Like, what's your value proposition? What makes you special? What can you offer that a board can't just like hire someone else for?
2:04 Speaker 03 I get it. Don't just say, "I was a CEO." You need to be more specific.
2:08 Speaker 04 Exactly. There was this guy, Matt from Bolster, who explained it really well. He talked about four main areas. Industry experience, functional expertise, customer set experience, and stage experience.
2:21 Speaker 03 OK, break that down for me.
2:23 Speaker 04 So it's about proving you've got deep knowledge in certain industries, that you're a master in a specific area like finance or marketing, that you understand different types of customers, and that you've worked with companies at different stages of growth.
2:35 Speaker 03 That helps a lot. Are there any must-have skills or qualifications that boards always seem to be looking for?
2:42 Speaker 04 Financial expertise, it's huge, especially for public companies. The SEC, you know, they have rules about who can be a financial expert on these audit committees, and boards need people who fit that description.
2:53 Speaker 03 So even if our listener isn't a CFO, they've got to show they know their way around finance, right? What would that look like for a CEO who doesn't come from a finance background?
3:03 Speaker 04 Well, they'd need to show experience with things like analyzing financial statements, understanding those complex financial deals, maybe even advising companies on their financial strategies. Basically, you need to be comfortable digging into the numbers and understanding what they mean.
3:18 Speaker 03 Got it. So what about board experience itself? Seems like you need it to get it. How do you get that experience if no one's giving you a chance?
3:27 Speaker 04 That's where you have to be smart about it. Think about skills you've already got that could apply. Have you been on any nonprofit boards, school boards, even community groups? Those show you're comfortable with having oversight and that you understand how boards work.
3:40 Speaker 03 Ah, so it's not about the specific title, but what you actually did in those roles?
3:45 Speaker 04 Exactly. And these days, advisory roles are like gold, especially in tech and venture capital. Think about places like Techstars or Y Combinator, getting involved with those, even just as an advisor. Gives you a taste of that board-level strategic thinking.
4:00 Speaker 03 So building up a bunch of experiences, even without actually being on a corporate board, is super important. What else should our listener be doing to boost their chances?
4:10 Speaker 04 Networking, networking, networking. It's huge, E. You know, board recruitment is all about who you know.
4:16 Speaker 03 So like casually dropping into every conversation, "Hey, by the way, I'm looking for a board seat."
4:20 Speaker 04 Well, maybe a bit more subtle than that. But yeah, you need to be actively letting people know what you're looking for. There was this CEO and board member Lisa who said it straight up. "Tell everyone you know you're interested and ask them to keep an ear out for you. You never know who might have a lead."
4:36 Speaker 03 And Lisa also had a great point about being ready to answer that question. "Who else do you know on this board?" That's where having strong references from CEOs and CFOs who can vouch for you really matters.
4:48 Speaker 04 Totally. Boards want to see what your connections are like, how you'd fit into their group. It's not just about skills, it's about chemistry.
4:56 Speaker 03 So speaking of presenting yourself, what about that board resume and bio? Is it just your regular CV?
5:03 Speaker 04 Not even close. A board bio is all about showing what you can do and what you've achieved in a way that makes it clear how you would ADD value. It's a completely different animal.
5:14 Speaker 03 So instead of just listing your job titles, you focus more on what impact you made in those roles?
5:19 Speaker 04 You got it. And Lisa even said, "Don't bother listing other corporate boards you've been on. What matters are transferable skills. How have you shown strategic thinking, financial smarts, or leadership in other areas of your life?"
5:30 Speaker 03 Interesting. It's about showing what you could bring to the table, not just what you've done before.
5:34 Speaker 04 Exactly. And remember, things change fast. You need to keep learning about new trends. ESG, cybersecurity, all that. Staying current is key.
5:44 Speaker 03 So be a lifelong learner, like Lisa said. What are some good ways to stay on top of these trends and build that board-ready expertise?
5:51 Speaker 04 There are some great organizations out there. The Diligent Institute, the National Association of Corporate Directors. They offer courses on governance and all those board-related topics. And of course, staying plugged into what's happening in your industry through publications and conferences is huge.
6:07 Speaker 03 So a mix of formal learning and just staying in the loop. This is starting to feel like training for a marathon, not a sprint.
6:14 Speaker 04 Great analogy. Building board readiness takes time, effort, and strategy.
6:19 Speaker 03 All right, so let's say you've done all that groundwork. How do you actually start searching for a board seat? It's not like there's a website that lists all the open positions, right?
6:26 Speaker 04 Well, Lisa actually had a funny way of putting it. She compared it to dating. Tell everyone you know you're interested and ask them to keep an eye out for you. It's about using your network and being open to possibilities you might not expect.
6:39 Speaker 03 Makes sense. What about those board search platforms? Are those becoming more common?
6:43 Speaker 04 Definitely. Places like LinkedIn and the Equilibrium Diversity Network are getting more popular. They can be a good way to find companies that are looking for your specific expertise.
6:54 Speaker 03 This is a lot to take in, but I'm already feeling more hopeful about our listeners' chances. With enough preparation and a lot of persistence, it seems like that board seat is attainable.
7:04 Speaker 04 You know, what's really cool is that this journey itself is valuable. No matter what happens, you're sharpening your leadership skills, building your network, and learning a ton that will help you in any leadership role.
7:16 Speaker 03 That's a great point. Before we move on, I want to go back to something we touched on earlier: not having prior board experience. Are there other ways to show you're board-ready without having that formal title?
7:26 Speaker 04 That's a really good question, and it's something that's changing fast, especially for private companies. Matt from Bolster, he made a big point about how companies are starting to value different kinds of experiences and skills, things you might not find in someone with a traditional board background.
7:42 Speaker 03 So it's not just about checking a box, but showing you've got the skills and experience to think strategically, provide oversight, and contribute at that board level.
7:51 Speaker 04 Hmm.
7:52 Speaker 03 Can you give us some examples?
7:53 Speaker 04 Sure. Serving on nonprofit boards, like we talked about. That's a great way to get experience working within that board structure, understanding your responsibilities, and being part of strategic discussions. It's showing you can walk the walk, not just talk the talk.
8:06 Speaker 03 Right, and those experiences often directly relate to the issues companies face.
8:10 Speaker 04 What about those advisory roles we mentioned? How can those help signal board readiness?
8:15 Speaker 03 Advisory roles, especially in the tech and VC world where things move so fast, are another great way to show you can engage with companies strategically, offer advice on growth and scaling, and maybe even get to sit in on board meetings.
8:27 Speaker 04 Like a behind-the-scenes look at how boards work and what they value.
8:31 Speaker 03 Precisely. And as Matt pointed out, being involved in those accelerator programs like Techstars and Y Combinator can be a fantastic way to connect with startups. Offer your expertise as a mentor and maybe even land in an advisory role that could eventually lead to a board seat. It's all about making connections and showing your value in a real way.
8:51 Speaker 04 That sounds like a great way to build your experience while also helping out the startup ecosystem. Win-win. Absolutely, and let's not forget about continually developing yourself professionally. Staying up to date on industry trends, understanding those evolving governance practices, and maybe even going for certifications like the ones NACD offers those things really show you're dedicated to continuous learning. You're not just resting on your laurels, you're actively investing in your knowledge and skills to stay ahead of the game.
9:19 Speaker 03 It shows you're not just relying on what you've done in the past, but actively preparing for what's next.
9:24 Speaker 04 Right. And that brings us back to creating that awesome board bio and resume we talked about. It's about shifting your mindset. You're not just applying for a job, you're presenting yourself as a board candidate. How can you highlight your experience in a way that grabs their attention and makes them see you as someone who would be a valuable asset?
9:43 Speaker 03 Lisa really stressed telling a compelling story about your expertise and impact, not just listing job titles. Any specific examples of how our listener could do that?
9:52 Speaker 04 Well, our listener has this great background in startups, which is really valuable to boards, especially for companies that are growing quickly. They could focus on their experience building and scaling businesses, dealing with rapid growth, and making those tough decisions when the pressure's on.
10:07 Speaker 03 Those are all things boards are definitely looking for, especially in today's world.
10:10 Speaker 04 And if they've got expertise in a specific area like finance, technology, or marketing, they should absolutely highlight those skills and talk about how they could contribute to the board's discussions and decisions.
10:21 Speaker 03 So showing that you're not just a generalist, but someone who can bring specific knowledge and valuable insights to the table.
10:29 Speaker 04 And don't underestimate those soft skills. Boards want people who are collaborative, good communicators, and can work well as part of a team. So highlighting your experience working with different kinds of people, finding consensus, and navigating those tricky situations is key.
10:45 Speaker 03 It's about showing that you're not just a subject matter expert, but also a great communicator, And a team player who can help create a positive and productive atmosphere in the boardroom.
10:56 Speaker 04 Exactly. And remember what Lisa said. Don't worry about not having corporate board experience on your bio. Focus on those transferable skills. Talk about your experience working with other types of boards and let your passion for the company and its mission shine through.
11:12 Speaker 03 So it's about showing your enthusiasm, your willingness to learn and contribute, and that you're a good fit with the company's values.
11:19 Speaker 04 And remember, boards are looking for people who bring something extra, something they can't just get from a consultant or advisor. So showcase what makes you unique, your strategic thinking, and your commitment to good governance.
11:32 Speaker 03 It's not just a list of your past roles and responsibilities. It's about showing what makes you stand out, what unique skills and experiences you have, and how you can help a board succeed.
11:41 Speaker 04 Absolutely. And don't forget the power of telling a good story. You want to create a narrative that captures who you are, what you've done, and how your experience translates to contributing at the board level. Make it personal, engaging, and memorable. Let them see the passion and drive behind your desire to serve on a board.
11:58 Speaker 03 Now, before we move on to talking about the interview process itself, I want to circle back to something we mentioned earlier. Financial expertise. We talked about how the SEC has rules for who can be a financial expert on those audit committees for public companies. How can someone who isn't a CFO show they have the financial skills and make themselves a stronger candidate?
12:20 Speaker 00 Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time.
12:32 Speaker 01 Price and participation may vary. Promotion pricing may be lower than meal pricing.
12:36 Speaker 02 This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required. Compatibility and availability varies. 18+..
13:02 Speaker 04 That's a great question. It might seem like a barrier if you don't have that CFO title, but it's not impossible. It's all about showcasing the experiences and skills you have that prove you're financially savvy and can handle those board-level financial discussions.
13:15 Speaker 03 So what would that look like? What kind of experience should they highlight?
13:18 Speaker 04 Well, if they've been involved in things like raising capital, managing budgets, or analyzing financial statements, those are all great things to highlight. Even if they've just advised companies on financial matters, formally or informally, that can show they have that financial know-how.
13:34 Speaker 03 It's about proving you understand how finance works, that you can make sense of financial information, and that you can contribute to discussions about financial strategy and risk.
13:43 Speaker 04 Exactly. And remember, boards are looking for people who can ask insightful questions, challenge assumptions, and provide independent oversight of financial reporting. So highlight your critical thinking skills and your ability to really dive into the financial data. It's not just about crunching numbers. It's about understanding the bigger picture of how financial decisions impact the company.
14:04 Speaker 03 OK, so even without a finance background, you can still demonstrate that you're financially literate. Now, let's shift gears a bit and talk about the whole world of board dynamics and culture. What should our listener know about how boards operate, the different roles and responsibilities, and the importance of finding the right fit?
14:23 Speaker 04 That's a great question. It's not just about getting a seat at the table. It's about finding a board where you can truly thrive, where you can use your expertise, and where you can make a real difference.
14:33 Speaker 03 So how can our listener figure out the dynamics of a particular board and decide if it's a good fit for them?
14:39 Speaker 04 Well, it's important to remember that boards are like any other team. They have their own personalities, their own ways of interacting, and their own ways of getting things done. You need to understand those dynamics and find a board that matches your values, your communication style, and your work ethic. Lisa really emphasized asking the right questions during the interview process to get a feel for the board's culture, their decision-making style, and how they communicate.
15:06 Speaker 03 That makes sense. But what kind of questions should our listener be asking to get those insights?
15:10 Speaker 04 Lisa had some great suggestions. One was, who else do you know on the board? That can give you a sense of the relationships that already exist and whether there's a good vibe among the board members. Is it a collaborative and supportive environment, or is it more formal and hierarchical?
15:25 Speaker 03 That's a clever way to get a glimpse into the board's social dynamics. What other questions can help our listener assess the board's culture and whether it's the right fit?
15:34 Speaker 04 Another good one is, how do you handle board evaluations and feedback? That can tell you a lot about whether they're committed to continuous improvement and whether they're open to honest conversations. Are they open to constructive criticism? Or are they more about maintaining the status quo?
15:49 Speaker 03 It also shows that you're interested in contributing to a culture of transparency and accountability, which are so important for effective board governance.
15:57 Speaker 04 Exactly. And don't be afraid to ask about their approach to diversity and inclusion. That's a crucial aspect of board culture. And it's important to understand how committed they are to creating a diverse and inclusive boardroom. Do they walk the walk? Or is it just lip service?
16:13 Speaker 03 Right. It's about finding a board that truly values diverse perspectives, embraces different backgrounds and experiences, and is actively working to create a more equitable and inclusive environment.
16:23 Speaker 04 And lastly, don't be shy about asking about the board's overall goals and priorities. That helps you understand their strategic vision and whether your expertise fits with their key focus areas.
16:34 Speaker 03 It's about ensuring that you're joining a board that's working on things you're passionate about, that challenges you intellectually, and that aligns with your professional goals. It's about finding that sweet spot where your expertise and your passion intersect with the board's needs and aspirations.
16:50 Speaker 04 Absolutely. And remember, the interview process is a two-way street. You're evaluating them just as much as they're evaluating you. It's about finding that perfect match where both sides feel excited about the opportunity.
17:02 Speaker 03 Okay, so we've talked about building board readiness and assessing board culture. Now let's dive into the actual interview process itself. What can our listener do to prepare effectively, showcase their qualifications, and make a great impression?
17:17 Speaker 04 That's a great question. It's important to remember that board interviews are often different from regular job interviews. They tend to be more conversational, focusing on whether you're a good fit with the board's culture and dynamics, and how well you can contribute to those strategic discussions.
17:31 Speaker 03 So how should our listener approach these interviews differently? What kind of mindset shift is needed?
17:37 Speaker 04 It's less about selling yourself and more about showcasing your ability to collaborate, think strategically, and engage in meaningful conversations. You want to demonstrate that you're not just a subject matter expert, but also a valuable contributor who can add to the board's discussions and decision-making.
17:52 Speaker 03 So it's more about being a thought partner than just a job candidate?
17:55 Speaker 04 Exactly. And just like with any important meeting, preparation is key. Lisa stressed how important it is to research the company thoroughly, understand its industry, and be ready to talk about its challenges and opportunities.
18:09 Speaker 03 Makes sense. But where should our listener go to get that deep knowledge? What resources should they be using?
18:16 Speaker 04 Well, those SEC filings, like 10Ks and proxy statements, are a goldmine of information about the company's financial performance, governance practices, and key risks. Industry reports and analyst coverage can give you insights into the competitive landscape and future trends.
18:31 Speaker 03 And I bet talking to people who know the company well is super valuable.
18:34 Speaker 04 Definitely. Reach out to current and former employees, industry experts, even board members if you can. Getting those firsthand perspectives can give you a much richer understanding of the company's culture, challenges, and opportunities.
18:47 Speaker 03 That's like doing your due diligence, not just as a potential investor, but as a potential board member.
18:52 Speaker 04 Exactly. And remember, boards are looking for people who ask smart questions, challenge assumptions, and can contribute to strategic discussions. So come prepared with thoughtful questions that show you understand the company and its industry.
19:06 Speaker 03 Lisa also talked about showcasing your power alleys. Those areas where you have deep expertise and can add value right away. How can our listener effectively highlight those strengths during the interview?
19:18 Speaker 04 That's a great point. It's about figuring out where your expertise overlaps with the company's needs and showing how you can contribute from day one.
19:26 Speaker 03 So for our listener with their background in startups, that might be highlighting their experience building and scaling businesses, navigating rapid growth, or making tough decisions under pressure.
19:36 Speaker 04 Exactly. And if they have expertise in a particular industry or function, they should definitely highlight those skills and talk about how they could contribute to the board's discussions and decisions in those areas.
19:47 Speaker 03 It's about showing that you're not just a generalist, but someone who can provide informed perspectives and offer valuable insights based on your specialized knowledge and experience.
19:57 Speaker 04 Right. And remember, soft skills are just as important as hard skills in the boardroom. Highlight your experience working with diverse groups, building consensus, and navigating complex situations.
20:08 Speaker 03 It's about showing that you're not just a subject matter expert, but also a skilled communicator and team player who can contribute to a positive and productive boardroom dynamic.
20:18 Speaker 04 Which brings us to another important topic: compensation. How should our listener approach this sensitive subject during the interview process? And what are some reasonable expectations for board compensation?
20:30 Speaker 03 That's a great question. And it's important to remember that board compensation can vary a lot depending on the company's size, its industry, its stage of growth, and the specific responsibilities of the board. So doing your research is key.
20:43 Speaker 04 Absolutely. Research industry benchmarks and get a sense of what's considered reasonable compensation for similar board positions. There are resources online and through organizations like the NACD that can provide this information.
20:56 Speaker 03 And I imagine it's also helpful to talk with the recruiter or nominating committee about the company's philosophy and structure for board compensation.
21:04 Speaker 04 Definitely. That shows you're interested in transparency and have realistic expectations. When it comes to actually discussing compensation during the interview, it's generally best to let the company take the lead. They'll probably bring Clean up at some point and you can express your interest in being compensated fairly for your time and expertise.
21:22 Speaker 03 So it's about finding that balance between showing your worth and respecting the process.
21:27 Speaker 04 Exactly, and remember, it's not just about the money. Board service offers a lot of intangible rewards, too. The chance to learn from experienced leaders, help a company succeed, and make a real impact.
21:38 Speaker 03 That's so true. It's about finding a board that aligns with your passions, challenges you intellectually, and allows you to use your expertise to make a positive difference. Now, as we wrap up this deep dive into board readiness and the journey to landing that coveted board seat, what are some key takeaways for our listener to keep in mind?
21:58 Speaker 04 That's a great question. We've covered a lot of ground and it's easy to feel overwhelmed, but remember, it's a journey, not a sprint. Give yourself time to build your network, develop your expertise, and craft a compelling story about what you bring to the table.
22:12 Speaker 03 Right, it's about playing the long game, staying persistent, and continuously learning and growing along the way.
22:17 Speaker 04 Don't underestimate the power of networking and relationships. Tell everyone you know about your board aspirations, attend industry events, and connect with board members and recruiters.
22:26 Speaker 03 It's about being proactive, putting yourself out there, and building those crucial connections that can open doors to opportunities.
22:33 Speaker 04 And remember to craft a compelling board bio and resume that showcases your transferable skills, your accomplishments, and how you can add value to a board. Focus on storytelling and make it personal and engaging.
22:47 Speaker 03 Right, it's about differentiating yourself from the competition, highlighting your unique strengths, and making a lasting impression.
22:54 Speaker 04 And finally, remember that finding the right fit is crucial. Do your research, ask thoughtful questions during the interview process, and make sure the board's culture and values align with your own.
23:05 Speaker 03 It's about finding a board where you can thrive, contribute your expertise, and make a meaningful impact. And remember, board service is an incredible opportunity to learn from experienced leaders, contribute to a company's success, and make a positive difference.
23:19 Speaker 04 It's a journey that requires dedication, persistence, and a genuine passion for making a contribution.
23:25 Speaker 03 So true. With that in mind, we'll leave our listener with this question. Right. What's one specific action you can take this week to move yourself closer to that boardroom goal?
23:35 Speaker 04 Write it down, put it on your calendar, and make it happen.
23:38 Speaker 03 That board seat might be a long game, but with the right preparation and a healthy dose of persistence, it's absolutely within your reach. We'll be back after a short break to discuss board diversity and the evolving role of technology in the boardroom.
23:53 Speaker 04 I'm looking forward to diving into those topics.
23:55 Speaker 03 Welcome back. Before the break, we were talking about what it takes to land a board seat. I want to switch gears and talk about something that's getting a lot of attention these days: board diversity.
24:06 Speaker 04 Yeah, it's a really important topic, and it's not just about checking a box or doing the right thing. It's good for business, too. Investors, regulators, even companies themselves are realizing that diverse boards just make better decisions.
24:18 Speaker 03 So it's a win-win. It's the right thing to do, and it's good for the bottom line.
24:22 Speaker 04 Exactly. There's research from McKinsey that shows companies with more diverse boards tend to do better financially with higher returns and more innovation.
24:31 Speaker 03 That's impressive. What exactly do we mean by diversity in this context?
24:35 Speaker 04 It's not just one thing. It's about gender, race, ethnicity, age, experience, background, even different ways of thinking. It's about having a wider range of perspectives, challenging assumptions, and reflecting the diversity of the company's stakeholders.
24:51 Speaker 03 So how can companies actually achieve that kind of diversity on their boards? You can't just snap your fingers and make it happen, right?
24:58 Speaker 04 Right. It takes real effort and a plan. First, you have to expand the pool of candidates. Traditionally, boards relied on personal networks, which can be pretty limited when it comes to diversity.
25:10 Speaker 03 It's like that saying, "If you always fish in the same pond, you'll always catch the same kind of fish."
25:14 Speaker 04 Exactly. Working with organizations like the Latino Corporate Directors Association or the Black Corporate Directors Conference can help companies find qualified candidates from a much wider range of backgrounds.
25:26 Speaker 03 So expanding your network beyond the usual suspects is critical. But attracting diverse candidates is just the first step, right?
25:33 Speaker 04 Absolutely. You also have to create a boardroom culture that's It's inclusive and welcoming. It's about fostering open dialogue, encouraging different perspectives, and making sure everyone feels comfortable speaking up and sharing their thoughts.
25:45 Speaker 03 It's one thing to get a seat at the table. It's another thing to actually feel comfortable using your voice.
25:50 Speaker 04 Exactly. Lisa talked about how important mentoring and sponsoring diverse board members can be. Providing support and guidance helps those individuals really thrive and make meaningful contributions.
26:02 Speaker 03 So it's about creating an environment where everyone feels valued and empowered to share their insights.
26:08 Speaker 04 And another crucial aspect is actually measuring how effective the board is, especially when it comes to diversity and inclusion.
26:14 Speaker 03 So holding boards accountable for making progress on their diversity goals.
26:18 Speaker 04 Exactly. Lisa suggested things like including diversity metrics in board evaluations, tracking progress, figuring out where there might be biases, and making changes as needed.
26:28 Speaker 03 Data-driven decision-making for the win.
26:31 Speaker 04 And it's important to give feedback to each board member, both those from diverse backgrounds and those who aren't, on how they're contributing to diversity and inclusion. It's about recognizing efforts and giving constructive feedback when needed.
26:43 Speaker 03 So it's a holistic approach from recruitment to board culture to ongoing evaluation and improvement. But let's talk about something else that's changing the boardroom: technology.
26:54 Speaker 04 Absolutely. Technology is making boards more efficient, more transparent, and more responsive, especially in today's fast-paced business world.
27:03 Speaker 03 This is something I'm really interested in. From board portals to virtual meetings, it seems like technology is revolutionizing how boards work.
27:10 Speaker 04 You're right. Lisa from Diligent, she was talking about how board portals are becoming more and more common. They streamline communication, keep sensitive information secure, and make board meetings more efficient overall.
27:21 Speaker 03 So instead of those giant binders and endless emails, everything's organized and accessible online?
27:26 Speaker 04 Exactly. It's like a digital hub for everything related to the board. And with so many people working remotely and having virtual meetings these days, these platforms are essential for seamless collaboration.
27:39 Speaker 03 And it makes things fairer, too, because everyone has equal access to information no matter where they are.
27:43 Speaker 04 But it's not just about portals. Artificial intelligence is starting to make its way into the boardroom, too.
27:48 Speaker 03 AI. That sounds futuristic. How are boards using it?
27:53 Speaker 04 Well, AI can analyze huge amounts of data and provide insights to help boards make strategic decisions. It's like having a superpowered research assistant, you know? It can help identify trends and support data-driven decision-making.
28:06 Speaker 03 Wow, that's amazing. It frees up board members to focus on those high-level discussions and oversight. Are there other technologies making a difference in how boards work?
28:14 Speaker 04 Yeah, blockchain is another one to watch. It can improve transparency and accountability by creating a permanent, secure record of decisions, voting, and all that important stuff.
28:24 Speaker 03 So like a tamper-proof ledger of everything the board does? That sounds like a major step forward for good governance.
28:30 Speaker 04 It definitely has potential. But we have to remember that technology is just a tool. It's not a magic solution. Boards still need to be aware of cybersecurity risks, data privacy issues, and even potential biases that technology can create or amplify.
28:47 Speaker 03 That's an important point. You mentioned biases. Can you say more about that?
28:50 Speaker 04 Sure. For instance, if those AI algorithms are trained on data that already has biases built in, they can actually make those inequalities worse. We have to make sure that technology is being used responsibly, with the right safeguards in place, and a focus on equity.
29:06 Speaker 03 So it's about being mindful and intentional about how technology is used in the boardroom, making sure it promotes good governance and doesn't make existing problems worse. Now, let's get back to something we touched on earlier: board culture and dynamics.
29:19 Speaker 04 It's fundamental. It really sets the tone for how board members interact, how they communicate, and how they make decisions.
29:25 Speaker 03 It feels like we're coming full circle here. We talked about board culture when we were discussing diversity, and now we're back to it in the context of overall governance.
29:34 Speaker 04 That's because it's so important. Lisa really emphasized creating a culture of trust, respect, and open dialogue.
29:40 Speaker 03 That sounds ideal. How can boards actually create that kind of environment? Are there specific things they can do?
29:46 Speaker 04 Absolutely. It starts with having clear expectations for behavior and conduct. A code of conduct can lay out those ethical standards, communication protocols, and even meeting etiquette.
29:56 Speaker 03 So it's about setting boundaries and making sure everyone's on the same page. But it's more than just having rules, right? It's about those genuine connections and building trust.
30:06 Speaker 04 You're right. Creating opportunities for board members to interact informally, social events, dinners, even just casual conversations before or after meetings can really help build camaraderie.
30:18 Speaker 03 It's about giving people the space to get to know each other, which can lead to more open and honest communication.
30:23 Speaker 04 And boards should encourage healthy debate and dissent. It's about creating a space where it's safe to share different viewpoints, where members feel comfortable challenging assumptions and expressing dissenting opinions.
30:34 Speaker 03 So respectful disagreement isn't just tolerated, it's actually encouraged.
30:38 Speaker 04 Exactly. And the person sharing the board plays a huge role here. They set the tone, guide discussions, and make sure everyone feels valued and included.
30:47 Speaker 03 It's like the board chair is the conductor of an orchestra, making sure everyone's playing in harmony even if they're playing different instruments.
30:54 Speaker 04 That's a great way to put it. Now, we've talked about building a positive culture, but what happens when conflict arises? Because, let's be honest, people aren't always going to agree.
31:05 Speaker 03 That's true. How can boards deal with conflict effectively and find resolutions?
31:10 Speaker 04 It's really important to have clear procedures for raising and addressing concerns. This could involve designating a specific board member or committee to handle conflicts or having a formal process for resolving disputes.
31:22 Speaker 03 So having a structured approach helps ensure that things are handled fairly and transparently.
31:27 Speaker 04 Right. And encouraging open and honest communication is key. Creating an environment where people feel safe expressing their concerns and working together to find solutions can really help de-escalate conflicts.
31:39 Speaker 03 It's about focusing on collaboration and finding common ground instead of letting those conflicts fester and damage relationships.
31:47 Speaker 04 Exactly. And sometimes, if the conflict can't be resolved internally, bringing in an Outside expert like a mediator or facilitator can be helpful. Having that neutral third party can provide a fresh perspective and help everyone come to an agreement.
32:01 Speaker 03 So it's about having a range of strategies for handling conflict. It's not about avoiding it altogether, but about addressing it constructively and using it as an opportunity to learn and grow.
32:12 Speaker 04 Well said. Now, as we keep going with our deep dive, let's talk about the board's role in overseeing corporate strategy and risk management, which is constantly evolving.
32:21 Speaker 03 It's a critical topic, especially with the business world changing so rapidly and unpredictably. It seems like boards are playing a more active role than ever before in helping companies navigate those choppy waters.
32:32 Speaker 04 Definitely. Boards aren't just rubber-stamping management decisions anymore. They're expected to provide real oversight, challenge assumptions, and make sure the company has a solid, sustainable strategy.
32:43 Speaker 03 So they're not just advisors, they're strategic partners. But how can boards really step into that expanded role effectively? What does that look like?
32:51 Speaker 04 Lisa highlighted the importance of boards really understanding the company's industry, its competitors, and the risks and opportunities it faces. This means going beyond just listening to management presentations. Boards need to have in-depth discussions, ask those probing questions, and really challenge assumptions.
33:10 Speaker 03 So it's about going deeper than the surface and really digging into those strategic issues?
33:13 Speaker 04 Exactly. And sometimes, bringing in outside experts, consultants, academics, even former executives from other companies in the same industry can help give the board a broader perspective and help them question their own assumptions.
33:26 Speaker 03 It's like getting a second opinion from someone with a different point of view and a different set of experiences.
33:31 Speaker 04 And boards shouldn't be afraid to do their own research and analysis. This might involve looking at industry reports, reading what analysts are saying, or even visiting competitors or customers.
33:41 Speaker 03 So it's about being proactive and taking the initiative to gather information from multiple sources so they can form their own independent judgments.
33:49 Speaker 04 Exactly. Now, in terms of risk management, boards are also taking on a more active role, overseeing the company's appetite for risk, identifying potential risks, and making sure there are strategies in place to handle them.
34:03 Speaker 03 That makes sense. Risk is everywhere these days, and it's not just about compliance anymore. It's a strategic issue that boards need to be actively involved in.
34:12 Speaker 04 Absolutely. Boards need to understand the company's key risks, both the ones coming from within the company and the ones coming from outside, and make sure that management has a solid risk management system in place to identify, assess, and mitigate those risks.
34:25 Speaker 03 So it's a proactive, comprehensive approach to risk that aligns with the company's goals and values. But where does a board even begin? Risk can feel like this huge, shapeless thing.
34:35 Speaker 04 That's true, but there are frameworks and tools that can help boards approach risk management strategically. Lisa mentioned how important it is for boards to create a statement that clearly outlines how much risk the company is willing to accept in order to achieve its strategic goals.
34:51 Speaker 03 So it's like drawing a line in the sand and saying, "We're comfortable with these kinds of risks, but not those."
34:57 Speaker 04 Exactly. Having that risk appetite statement provides a framework for making decisions and makes sure everyone in the company is on the same page about how much risk is acceptable.
35:06 Speaker 03 And it's not about avoiding risk entirely, right? It's about understanding which risks are worth taking to reach those goals and then managing them effectively.
35:14 Speaker 04 You're absolutely right. Boards have to be okay with a certain amount of risk, but they also need to make sure the company has the right controls in place to minimize those risks and reduce the chance of negative consequences.
35:27 Speaker 03 So it's about finding that balance between risk and reward, making sure the company is taking calculated risks that align with its overall goals. Now, let's talk about a specific type of risk that's a major concern for boards across all industries: cybersecurity.
35:44 Speaker 04 Definitely a hot topic. With all these cyber attacks getting more sophisticated and companies relying on technology more and more, it's no wonder cybersecurity is talk of mind for so many boards.
35:55 Speaker 03 Absolutely. Cybersecurity risk is this complex, ever-changing challenge, and boards need to know how to handle it effectively. That means understanding the company's cybersecurity defenses, the potential threats, and what management is doing to protect the company's assets and data.
36:11 Speaker 04 You're right. It's about staying informed, asking the right questions, and making sure management is taking cybersecurity seriously.
36:18 Speaker 03 Exactly. Lisa mentioned that a lot of boards are now looking for people with cybersecurity expertise to join their ranks and help them navigate these tricky issues.
36:26 Speaker 04 That makes a lot of sense. It's like bringing in a specialist for a critical area.
36:29 Speaker 03 Exactly. Cybersecurity expertise is in high demand, and for good reason. Companies need board members who understand the technical side of cybersecurity, who can assess risks, evaluate mitigation strategies, and explain these complex issues to other board members.
36:45 Speaker 04 And it's not just about having a technical background. It's also about being able to translate that technical knowledge into strategic insights and recommendations that the board can act on.
36:54 Speaker 03 So it's not just about preventing those breaches. It's also about having a plan in place to respond effectively if a breach does happen.
37:00 Speaker 04 That's critical. Having a solid incident response plan can make all the difference in limiting the damage and recovering quickly.
37:07 Speaker 03 Absolutely. Boards need to make sure that the company has a plan that outlines the steps to take if there's a cyber attack, including who to communicate with, how to recover data, and what legal and regulatory notifications need to be made.
37:19 Speaker 04 It's about having a comprehensive approach to cybersecurity that covers prevention, detection, response, and recovery.
37:25 Speaker 03 Exactly. Now, let's switch gears one more time and talk about something that's becoming increasingly important for boards: ESG.
37:32 Speaker 04 ESG is definitely a big topic these days. It feels like companies are getting pressure from all sides, investors, customers, employees, to take action on social and environmental issues.
37:43 Speaker 03 You're right. ESG isn't just a nice-to-have anymore. It's becoming a core part of corporate strategy, and it's a key factor in creating long-term value.
37:52 Speaker 04 Exactly. It's not just about doing good. It's about doing well by doing good. Lisa mentioned that a lot of companies are now tying those ESG metrics to executive compensation, so leaders are held accountable for how they perform on social and environmental issues.
38:08 Speaker 03 That's interesting. It shows that companies are serious about ESG, and they're willing to put their money where their mouth is.
38:12 Speaker 04 Exactly. And boards play a crucial role in overseeing the company's ESG strategy. They set targets, monitor progress, and make sure the company is living up to its commitments.
38:21 Speaker 03 So boards are becoming more involved in ESG oversight. What does that look like in practice?
38:27 Speaker 04 Well, boards need to understand those ESG issues that are relevant to the company, the risks and opportunities they present, and the steps management is taking to address them.
38:36 Speaker 03 So it's about asking the right questions, challenging assumptions, and making sure that ESG is woven into the company's Overall strategy.
38:45 Speaker 04 Right. And like with cybersecurity, many boards are now looking for members who have expertise in sustainability, climate change, or social impact to help them navigate these complex issues.
38:56 Speaker 03 It makes sense to have those specialists on board who can offer their informed guidance and insights.
39:01 Speaker 04 Absolutely. And it's important to remember that ESG isn't just about compliance or avoiding risk. It's about seeing it as an opportunity to drive innovation, improve the company's reputation, and create long-term value for the company and its stakeholders.
39:16 Speaker 03 So it's about seeing ESG as a strategic advantage, not just a box to check.
39:21 Speaker 04 Exactly. Boards need to see ESG as a key part of good governance and a driver of long-term success.
39:27 Speaker 03 This has been a really insightful conversation about the changing role of the board in overseeing corporate strategy, risk management, and ESG. It's clear that boards are facing a much more complex and challenging environment than ever before. But before we wrap up this section, I want to shift the focus back to the individual.
39:43 Speaker 04 That's a great point. We've been talking about the big picture, but it's important to remember that boards are made up of individuals, and each person brings their unique skills, experiences, and viewpoints to the table.
39:56 Speaker 03 We've covered so much in this deep dive, from understanding how competitive the board landscape is, to navigating those complex board dynamics, and how the role of boards is changing, and so much more.
40:08 Speaker 04 Yeah, it's been quite a journey. We've talked about those must-do steps, the skills you need to develop, and the mindset that's crucial for succeeding in the boardroom.
40:16 Speaker 03 And we've really highlighted that serving on a board is more than just having that title. It's a chance to make a real difference, to contribute something meaningful.
40:24 Speaker 04 Absolutely. But now, let's bring it back to you, our listener. You're a CEO with all that experience leading startups. What are your big takeaways from this conversation?
40:33 Speaker 03 You know, for me, what really stuck out is that being board-ready isn't like reaching a finish line. It's an ongoing process. It's all about constantly learning, growing, and evolving as a leader.
40:44 Speaker 04 I love that. It's about having that strategic mindset, being committed to continuous learning, and knowing how to work with others and challenge ideas constructively.
40:53 Speaker 03 And it's about taking action, being proactive, and doing what you need to do to get yourself ready and set yourself up for success.
41:00 Speaker 04 Couldn't agree more. Remember what Matt from Bolster said. He emphasized focusing on those four key areas. Industry experience, functional expertise, customer set experience, and stage experience. Figure out what your strengths are and highlight them.
41:17 Speaker 03 And if there are gaps in your experience, don't be afraid to fill them. Look for those advisory roles. Join nonprofit boards that has strong connections with corporations. Or maybe take a course from the Diligent Institute on a relevant governance topic.
41:31 Speaker 04 It's all about showing that you're not just coasting on what you've done in the past. You're actively getting ready for those boardroom challenges.
41:37 Speaker 03 That analogy Lisa used about dating really resonated with me. Let people in your network know that you're interested in a board seat. And don't be shy about asking for introductions. You never know what might come up.
41:48 Speaker 04 Exactly. And even if a specific opportunity doesn't work out, those connections and insights you gain along the way are super valuable.
41:56 Speaker 03 This whole deep dive has been a great reminder that serving on a board is about more than just prestige or compensation. It's a chance to really make a difference, to use your expertise and passion to contribute to something bigger than yourself.
42:09 Speaker 04 And the journey itself is incredibly rewarding. No matter what happens, you're going to learn new skills, expand your network, and gain a much deeper understanding of the business world.
42:18 Speaker 03 So to our listener out there who's ready to start this boardroom journey, we have one final question for you. What's one action you're going to take this week to get yourself closer to that goal?
42:28 Speaker 04 Write it down. Put it on your calendar and make it happen.
42:31 Speaker 03 It might take time, but with the right preparation, a good dose of persistence, and a dedication to always learning, that board seat is definitely within reach.
42:39 Speaker 04 And remember, the journey itself is filled with amazing opportunities to learn and grow. Embrace the challenges, stay curious, and never stop evolving as a leader.
42:48 Speaker 03 Thank you so much for joining us for this deep dive into the world of board governance. We hope you found it informative, insightful, and inspiring. Until next time, keep learning, keep exploring, and keep reaching for those ambitious goals.
43:01 Speaker 00 Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time.
43:13 Speaker 01 Price and participation may vary. Promotion pricing may be lower than meal pricing.
43:17 Speaker 05 They're running a cover two defense. But you're running to get game day deals on Uber Eats. Keep everyone at tonight's watch party fed with deals from your go-to restaurants. Or stock up with deals on your favorite snacks and groceries. Whatever the occasion, get game day deals on Uber Eats all season long. It's not football without food. Uber Eats. Order now. Terms apply. Product availability varies by region. See app for details.
Previous Job Search Strategies for Introverts Next 5 Uncommon Interview Tips Page updated November 7, 2026 · transcript and summary are machine-generated
