Do you have what it takes to be a non-executive director?

Wexford Hayes has successfully assisted numerous leaders in their non-executive career with many regarding becoming a non-executive director as the next logical step in their career. With more expected of today’s non-executive directors due to the ever-increasing complexity of the business environment, the first directorship undertaken becomes especially important as it not only is the hardest one to attain but can also be career defining. The below is our opinion of what we feel it takes to secure a non-executive director position.

Beginning The Journey

Many companies are open to their senior leaders undertaking a non-executive role as it can provide benefits such as diversifying experience and cross-fertilisation of best practice insights of other sectors. Generally, as an executive is only allowed one or two non-executive director roles it is critical to choose the right company that is most suitable to your background and experience.

Leverage Your Network

It is vital that to leverage your network with every meeting having potential value. Play a long game with your network as the activity conducted in the short term can result in medium to long term benefits as you never know who talks to whom on your behalf, who could be a valuable advocate, and who is well connected in the sectors you are in interested in.

Know Thyself

Be honest about your strengths and weaknesses. You will need to assess your skills to determine where you can add value to a board. Important competencies/experience for any board member includes:

o   Financial literacy and commercial acumen.

o   Appreciation of risk and the prevailing governance environment.

o   Ability to deal with complexity and to think laterally beyond your areas of expertise.

o   Objective and independently minded.

o   Able to build relationships across a range of stakeholders.

o   A good listener and communicator.

Develop Relationships

Ensure you have good relationships with reputable board search firms. Diversify your relationships to include specialised firms that have a proactive approach and will be mandated not only board positions with larger companies but smaller ones. Board search firms can also provide advice on what skills and qualities are in demand and assess your CV.

Check Your Ego

Non-executives need “emotional intelligence” and should never appear to be domineering. However, they should always remain focused that it is their job to ensure the board is held to account.

Do Not Show Me The Money

Money should not be the primary reason to become a non-executive director as most undertake these roles to broaden their experience and be challenged.

Step Away

One of the most common difficulties for first-time directors is being able to adjust to a role that is more detached and supervisory. New non-executives need to focus more on the strategy and governance of a company rather than operations and management.

Professional Development

Candidates for non-executive roles will need the knowledge, experience, and independence of mind to challenge and ask the right questions. Therefore, aspiring non-executive director should consider undertaking a course, such as the ones offered by the AICD. One of the side benefits of these courses is meeting other professionals on the same path.