Joining a board can bring significant benefits to your career. You could shape key business decisions, build a network of influential contacts and improve your skills in business leadership. But how do you know which board is right for you?
In this article, Moir Group Director, Stephen Moir, shares practical guidance for senior professionals considering board director roles, including non-executive board director positions.
Top considerations when selecting the right board
While still in an executive role, many successful senior professionals start considering board roles, often in a not-for-profit (NFP) organisation.
“Most companies are very supportive of their CFO joining at least one board. Despite the time commitment, this generates stronger networks for both the CFO and the organisation,” Stephen said.
Companies may also encourage executives to take board positions to build future business partnerships and foster long-term retention.
“A broader network benefits the CFO and can generate opportunities that flow back to their workplace,” Stephen added.
In addition, investing in their CFO’s future can further enhance employee retention.
“Supporting a CFO’s professional development can significantly enhance retention,” Stephen said. “It demonstrates that the organisation values their career growth, not just their compensation.”
Government vs. NFP boards
You may be ready to take the next step and join a board. At Moir Group, we recommend first considering what type of board would best suit you.
During a Moir Group webinar exploring the challenges and opportunities of being on a board, Siobhan Toohill, Non-Executive Director at Landcom, noted that appointments to government boards may follow strict procedures. She emphasised that while the policy issues these boards address can be complex and wide-ranging, the work remains deeply engaging and rewarding.
NFP boards provide strategic oversight and ensure ethical and legal compliance. For first-time board members, Stephen advised beginning with an NFP board. This is particularly valuable as the impact of your contribution is often more immediate and visible.
Consider your skills and interests
A board role is a longer-term commitment compared to other professional roles.
“When you think about a board, you need to think about it as more of a six to nine-year timeframe,” Stephen said.
Over that period, companies may encounter complex challenges, making it essential for executives to have a genuine passion for the industry to navigate difficult situations effectively.
Stephen also highlighted that first-time board members often begin with causes they care deeply about, “It might be around housing, it might be around domestic violence, it could be any one of those areas”.
While passion can get you far, another key consideration is looking at what skills you could add to the board’s mix. It is something David Lamont, Non-Executive Director at Telstra, champions: “It is key that you are able to think about what you’re going to bring to the board; how you actually complement others that are on the board,” he said.
Understanding the board’s culture
Another critical factor to evaluate is the board’s culture. Executives can gain insight into this during the interview process or by reviewing proxy reports and other public documentation about the organisation.
Leveraging personal and professional networks is also valuable; speaking with current or former board members can provide a clearer sense of how the board operates and how its members think.
It is equally important to consider the chair’s leadership style. As David Lamont noted in a recent Moir Group event, “Are they more of an executive chair, or do they take a hands-off approach? How the chair conducts board meetings influences the quality of discussion and ensures diverse perspectives are effectively considered.”
Final words
Consider joining an NFP board that aligns with your sense of purpose. For executives, this gives purpose and practical experiences while contributing pro bono.
“Many people I place on NFP boards are passionate about the environment or social causes,” Stephen said. “It’s rewarding because they’re giving back while gaining career insights.”
At Moir Group, we regularly support executives in securing board roles, including positions with not-for-profits and environmental causes.
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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.