Maggie Benkert
Appearances
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
So when I'm advising executives who are thinking about board service for the first time, I tell them to ask themselves three questions. First, what do I want to get out of this experience? How does serving on a board support my overall career goals? And second, what can I bring to the table? Where do I have great experience and where can I really add value?
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
And of course, there's also the practical considerations. What can you really commit to in terms of time commitment, meetings, and other responsibilities? Finally, due diligence is critical. You have to research the organization that you're thinking about joining in terms of their financial health, reputation, and their governance practices.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
It can be really hard to get recruited to a board when you have no experience, but it's even harder when you have experience with a company that's done damage to your personal reputation or where you weren't able to make a graceful exit.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
It's a great question, Emma. First and foremost, you need to demonstrate that you understand the role of the board and how it differs from that of management. I recently had a senior executive with a fantastic track record and a great reputation get passed over for a board seat because when she was asked about her experience, she got too deep into the details of operations.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
You need to make sure you're speaking the language of governance, not management. In terms of specific skills and experiences, that will vary from situation to situation and from company to company. But what stays consistent across the board is that we're looking for individuals we say are T-shaped.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
Board candidates also need to demonstrate that they know how to behave in the boardroom. We do a study every three years here at Russell Reynolds, where we survey over a thousand board directors to examine the behaviors they see from their peers. And we compare those answers against company performance and board effectiveness.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
When we do that, we find that five behaviors set the most effective directors apart from others. These are individuals with sound judgment and relevant expertise. They constructively engage, challenging their peers and management when appropriate. They also demonstrate integrity and the courage to do the right thing for the right reasons. They can also focus and they ask the right questions.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
And finally, they bring an independent perspective that avoids groupthink and prioritizes the interests of shareholders and other stakeholders.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
Hi, Emma.
Redefiners
Leadership Lounge: Boardroom Bound: How to Navigate Your Journey from Executive to Board Director
It's great to be here.