There are five types of intelligence that aspiring board members need to cultivate: 1. Financial fundamentals 2. Strategic thinking 3. Relationship building 4. Understanding your role 5. Cultural awareness
Corporate boards are under increasing pressure to diversify their ranks – adding more women and minorities, as well as executives with different cultural and functional backgrounds – to better represent the people their organizations employ and serve.
As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket scienceTo better understand what makes a director successful today, we conducted interviews with more than 50 board members...
The ideal, as one of our interviewees described it, is “one big team together, all from different nationalities, different places in the world, different backgrounds, [working as] a unit of people together and enjoying it.” But that is not always the reality, Valeur notes, and board relationships require careful management.
It also helps to think about what kind of board member you want to be. In our study, we found that four common approaches embrace the increasingly regulatory role board directors are compelled to fulfill; the best ones call executives to account without weighing them down with regulation and red tape.
Finally, we’d urge you to seek advice from experienced colleagues and contacts, expressing your desire, aspiration, and potential to lead at this level. When sharing your resume, the content you include should be different to what you have used to date. You should instead signal your potential by outlining your capabilities in each of the five areas of intelligence.
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