On Tuesday, 25 November, Moir Group hosted an enlightening webinar on the challenges and opportunities of life as a board member. The event featured a panel of highly experienced Board Directors including:
- David Lamont, Non-Executive Director, Telstra, APA Group, Chairperson, Financial Executives Institute of Australia
- David Craig, Director, Sydney Theatre Company, Deputy Chairman, Victor Chang Cardiac Research Institute (previously Lendlease)
- Shane Gannon, Non-Executive Director, GPT Group, Symal Group, Chairman, Ingenia Communities Group
- Siobhan Toohill, Non-Executive Director, Landcom; Board Director, The Social Outfit and Mulloon Institute; and Adjunct Fellow at UNSW with the Centre for Social Impact
- Sean Spence, Executive Coach
The panellists described the role that board members play in an organisation and shared tips on making the most of your time on the board.
The role of a board
The board has a number of key responsibilities, from providing strategic input and succession planning to holding management to account. David Craig explained that its primary role is governance, rather than running the company. And for those who may have previously worked in an executive role, it means switching from an executive mindset to a governance mindset.
“You’ve got to remember, first and foremost, you’re there to govern,” David Craig said. “And you really only step in when you think significant mistakes are being made.”
Siobhan highlighted the importance of board members listening and asking questions, especially for those who are used to having a more influential or “hands on” approach in the business.
“I think the challenge for us is that we’ve got to really strengthen that capacity for listening,” she said. “Often we’re people who are often quite motivated around pushing and [being] very passion-led. In a board role, that role is quite different. [It’s about] really listening and asking and seeking to understand what is the best outcome for the organisation.”
David Lamont said it was a lesson he had to learn as a Non-Executive Director – knowing when to jump in and provide guidance or when to “sit on my hands.” He summed up the approach of board members with the analogy “noses in, hands out”.
Getting settled on the board
Shane Gannon highlighted that it can take a while to find your feet in a board role and feel like you are making a significant contribution.
He described his experience transitioning into a Non-Executive Director role and how long it took for him to feel like he was making the right contribution.
“It really was about 6-12 months before I got that so-called ‘rhythm’ of being able to contribute and feel like I was maintaining the right balance,” Shane said.
He added that while there may be tension between non-executives and executives, the key is to try and maintain a sensible balance.
Making the most of your board membership
The panellists went on to share tips on how to make the most of your time as a board member:
- Avoid joining a board just for status. Choose a board that relates to your values and interests, and consider what you could bring to the board as well
- Stay across the issues in your industry, whether that is through reading the press or curating your LinkedIn feed to relevant content
- Know your strengths and work on addressing your skills gaps. Consider taking up a course at the Australian Institute of Company Directors.
The panellists stressed the importance of selecting a board that best fits your own values. This is particularly important in situations where a company is going through a difficult situation.
“When things go wrong, suddenly, the boards have to be much more involved and you need to be aware of that,” David Craig said.
“You really want to love the company and the industry. As long as you just love the company and industry then you’re just helping them out. But if you don’t actually like what they’re doing and things start going wrong, it’s a pretty miserable place to be.”
Want to find out more about embarking on a board career? Here are 6 essential steps to get you started.
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Moir Group is a specialist finance, accounting and ESG recruitment company. We cover temporary and permanent roles from Financial Accountant to CFO level. We also recruit Sustainability and ESG positions across all industry sectors.