Getting yourself board-ready is a journey where you need to be realistic in your skills, experience and value you bring to a board. You also need to be mindful that it is a very competitive marketplace. There is an over-supply of qualified corporate directors for a limited supply of available corporate board seats.
So, how do you start your journey to get board-ready so you can compete for a corporate board seat? The first step is to ask yourself these 10 questions to determine your readiness for leading and serving 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.?