In an environment shaped by economic uncertainty, technological disruption, evolving stakeholder expectations and accelerating AI adoption, effective boards play a critical role in guiding organisations through complexity.
At Moir Group’s recent event, The Opportunities and Challenges of Being on a Board, a distinguished panel of experienced directors and governance leaders explored what it takes to build a board career, contribute effectively in the boardroom and navigate the governance challenges facing organisations today.
Hosted by Stephen Moir, the discussion featured insights from Susan Ferrier, Julie Raffe, Emma Hogan and executive coach Sean Spence. Together, they shared practical perspectives on board leadership, governance, decision making, strategy, risk and the growing influence of AI.
Board Roles Are About Contribution, Not Prestige
One of the strongest themes throughout the discussion was that successful directors are motivated by purpose, contribution and impact.
For Susan Ferrier, selecting a board role starts with understanding an organisation’s mission, strategy, culture and long-term objectives. She highlighted the importance of finding opportunities where directors can contribute meaningful expertise while helping organisations create economic, social, cultural or commercial value.
Before accepting a board appointment, she recommended undertaking robust due diligence by exploring:
- The organisation’s purpose and strategy
- Its financial health and governance practices
- The relationship between the board and management
- Key risks and future priorities
- Board culture and decision-making dynamics
She also shared several powerful questions prospective directors should ask during the recruitment process, including:
- What has been the board’s hardest decision in the past 12 months?
- What has been the easiest?
- Where does the greatest tension exist between management and the board?
- Where is there the strongest alignment?
These questions can provide valuable insights into how a board operates beyond what is visible in formal documentation.
Understanding the Shift from Executive to Director
Many aspiring directors come from successful executive careers, but the panel emphasised that board work requires an entirely different mindset.
Drawing on her experience as both a CFO and board director, Julie Raffe explained that one of the biggest adjustments is recognising that directors are not responsible for operational decision-making. Instead, their role is to guide, challenge and support management through effective governance and strategic oversight.
Rather than providing solutions, effective directors ask questions that:
- Test assumptions
- Explore risks
- Clarify thinking
- Strengthen recommendations
- Support better organisational outcomes
As Sean Spence noted, the role of a director is often about “eliciting a good decision” rather than making the decision personally.
This distinction is often one of the most significant learning curves for new directors.
Why Board Culture Matters
The panel repeatedly returned to the importance of board culture.
Strong governance relies upon an environment where directors can challenge ideas, debate respectfully and bring different perspectives to strategic discussions.
According to Julie Raffe, an effective chair ensures:
- All directors contribute to discussions
- Diverse viewpoints are heard
- Relevant management representatives participate where required
- Debate remains constructive and focused
- Decisions are reached collectively rather than driven by a single individual
Healthy board cultures encourage vigorous discussion while maintaining alignment on organisational outcomes. This balance ultimately leads to stronger governance and better decision-making.
Building a Board Career Requires Patience
For many attendees, one of the most valuable aspects of the session was understanding how experienced directors built their board portfolios.
The panellists were unanimous: board careers are rarely built overnight.
Both Susan Ferrier and Emma Hogan highlighted the importance of:
- Building trusted professional relationships over time
- Developing a strong reputation for reliability and judgement
- Investing in networking and industry engagement
- Seeking mentors and advocates
- Remaining visible in governance and leadership communities
Emma Hogan also provided valuable insight into how many board appointments are made. While formal recruitment processes often exist, trust remains a significant factor. Recommendations from respected directors, chairs or industry leaders can play an important role in opening doors and validating a candidate’s suitability.
The message was clear: aspiring directors should approach board careers as a long-term strategy rather than a short-term objective.
Are Not-for-Profit Boards a Stepping Stone?
The discussion also explored the role of not-for-profit board experience.
Emma Hogan shared that smaller not-for-profit boards can provide valuable exposure to governance and director responsibilities. However, she cautioned that they are not always a direct pathway to large commercial board appointments. In many cases, executive leadership experience remains the primary determinant of board suitability.
That said, not-for-profit boards can help individuals:
- Develop governance skills
- Build confidence in boardroom settings
- Understand director obligations
- Gain practical experience in oversight and decision-making
For those beginning their board journey, they can be an important part of professional development when aligned with personal interests and causes they care deeply about.
Continuous Learning Is Essential
Governance expectations continue to evolve, making ongoing education critical for directors.
The panel strongly endorsed the value of governance education through the Australian Institute of Company Directors (AICD), alongside broader learning across areas such as:
- Governance and risk management
- Financial literacy
- Cyber security
- Data governance
- Sustainability
- Economic and geopolitical developments
- Artificial intelligence
As several panellists noted, today’s directors must maintain an understanding of both traditional governance responsibilities and emerging issues that may shape future organisational performance.
AI Is Reshaping Boardroom Conversations
Artificial intelligence emerged as one of the most discussed topics of the session.
Susan Ferrier described AI as a valuable learning and research tool that can help directors quickly build contextual understanding across complex issues. Meanwhile, some organisations are already using AI to assist in the preparation of board materials and management reporting.
The panel also explored broader governance questions surrounding AI, including:
- Data privacy
- Cyber security
- Responsible use frameworks
- Risk management
- Transparency
- Workforce implications
Julie Raffe noted that many boards are actively working through AI governance frameworks to ensure organisations capture the benefits of AI while managing associated risks.
The discussion suggested that directors with deep expertise in AI, technology and digital transformation are likely to become increasingly sought after in coming years.
Capacity Is Often Underestimated
Another recurring theme was the significant commitment required of directors.
Board service involves much more than attending meetings. Directors are expected to thoroughly review board and committee papers, understand business performance, monitor risk and stay informed about relevant external developments.
For many organisations, this can mean reviewing hundreds of pages of material before each board cycle. Successful directors therefore require not only expertise and judgement but also the capacity and discipline to dedicate the necessary time and attention to the role.
Final Thoughts
The conversation highlighted that effective directors combine technical expertise with curiosity, strategic thinking, continuous learning and the ability to ask powerful questions.
Whether building a first board portfolio or expanding an existing one, successful directors understand the importance of governance, relationships, reputation and lifelong learning.
As organisations continue to navigate economic uncertainty, technological disruption and evolving stakeholder expectations, the contribution of capable, engaged and forward-thinking boards has never been more important.
About Moir Group
If you would like to discuss board opportunities, executive recruitment or finance leadership capability, please contact the Moir Group team.
Moir Group is a specialist finance, accounting and ESG recruitment company. We cover temporary and permanent roles from Financial Accountant to CFO level, and we recruit Sustainability and ESG positions across all industry sectors.
If you’re building the finance team your business needs for the next phase, we’d welcome a conversation. Contact us here.