+
Binders full of Women
For US Public Boards
So You Want to Serve on A Board
An Action Plan
Fran [email protected]: @franmaier
+TODAY
Landscape Review
Board Readiness Action Plan
Get the Board Seat
What Else Can we Do?
Twitter: @franmaier
+Let’s Just Stipulate . . .
Research shows Women Make Better Boards:
Better Governance
Broader Decision Making
Better Financial Results (although mixed)
(Do we really need research?)
More women make even Better Boards (need at least 3)
Bring Insights into 50% of Marketplace
But only hold 16 - 19% of Board Seats; changing slowly
Binders full of Women: Not a supply issue!!!Twitter: @franmaier
+Why?
Low Turnover Many boards lack term or age limits
Preference for previous public board experience or CEO experience
Not that many women in C-suite to start with
Bias “Go with who We Know” (or He knows)
Reliance on Personal Networks
Twitter: @franmaier
For Profit vs. Nonprofit: Very Different!!
For Profit Corporations Non-profit
Owned by stockholders Owned by the public
Generate money for the owners Serve the public
Success is making sizeable profit Success is meeting needs of public
Board members are usually paid for board service (cash, equity or both)
Board members are usually unpaid volunteers;Significant Contribution and/or Fundraising often expected
Money earned over and above that needed to pay expenses is kept as profit and distributed to owners
Money earned over and above that needed to pay expenses is retained as surplus and should be spent soon on meeting the public need
Chief Executive Officer is often on the Board of Directors, and sometimes is the President of the Board
Chief Executive Officer (often called the Executive Director) may or may not be on the Board, but attends Board meetings
Non Profit Experience rarely leads to for-profit board opportunities/ but can provide good board governance skills
Twitter: @franmaier
+Public vs. Private Corporate BoardsA good first step
Public Company Board
Stock publicly traded
More formal
Watchdog for shareholders
Fiduciary and legal responsibility
Public and shareholder scrutiny
Relatively high cash comp ($50k to
$200k+ for 8 + meetings a year)
Private Company Board
Less Regulatory
Less Formal
Many start as owners and/or investors of the company
Actively engaged in growing the company
Less legal liability and risk
Low or No pay; but can offer equity
Twitter: @franmaier
+Reasons to Explore a Corporate Board?
Broaden experience
Broaden network
Make an impact
Continue learning
Enjoy Long tenure
High pay relative to time (usually)
Downsides: Professional and reputational risk if things go sideways
Twitter: @franmaier
+Portrait of a Female Director
Younger
Less Board Experience
More Operational / Less C-Suite Experience
Probably more accomplished
More likely from Private Companies
May have made trade-offs to get to the top: Fewer married and or/with children
Larger percentage divorced
(HBR Dysfunction in the Boardroom June 2013 by Boris Groysberg and Deborah Bell) Twitter: @franmaier
+Action Plan:
1. Self Assessment/Skills Inventory – Are you suited for Board Service? What Kind of Board? What do you bring to the board?
2. Prepare: Board and Industry Education; Revamped Resume
3. Leverage Resources Looking for You
4. Market Yourself! Online and Off
5. “Lean In” to Opportunities
6. Got the Interview, Get the Seat
Twitter: @franmaier
+What to Expect/Selection Process
Can take almost a year with any one opportunity
Not very transparent
Recruiters, for example, may not even let you know the company until you’re invited in to interview
Likely to be competitive
Soft Skills as Important as Qualifications
Twitter: @franmaier
+1. Knowledge and Skill Inventory
Which business sectors do you know well?
What functional expertise?
International Experience? Bi- or multi-lingual?
Demonstrated ability to see big picture?
Agile in quickly changing environments?
Political intelligence? i.e. influencing skills, courage, determination
What do you have that they don’t (beyond a . . . )
Twitter: @franmaier
+2. Revamped Resume/ LinkedIn Profile
Higher Level
Focus on Board Service of All Kinds
Demonstrate Leadership
Demonstrate your key competencies
LinkedIn may take the place of formal references
+3. Find Resources Looking For You
Registries abound . . . From your University to Your Profession to some highly specialized
Executive Recruiters, keep relationships fresh
Men in High Places: Be sure they know you’re interested in this
Private Companies/Venture Capital looking for investors or advisers “I’d love to serve on your board”
+4. Market Your Self Online and Off
Have Confidence You have in-demand skills and experience
Demonstrate your depth of knowledge
Find more speaking and writing opportunities
Network, Network, Network: With men as well as women Cultivate your network regularly
Connect and reconnect
Open doors and share relationships; they pay back
Build Your Brand Online as Well Be Deliberate with your social media – what do you want them to
know about you
Google yourself and make changes (as you can and as necessary)
Twitter: @franmaier
+5. Lean In to Opportunities
Respond to calls for nominees; nominate yourself andnominate other qualified women
Look at job boards with Registries, Your Schools
Suggest a bigger role with a company you are advising
Invest in a small growing private company then ask to be on its board!!
Leverage relationships with fellow non-profit board members
Twitter: @franmaier
+6. Got The Interview:What Do Companies Look For?
Experience in line with their future strategy
Functional Diversity
Cultural Fit with other board members
Strong Communications Skills
Collaborative/Team player
Independence
Availability to Fill Role Many times men assume working mothers don’t have the time so
make the point you are interested
Twitter: @franmaier
+ 6. Got the InterviewNow Make the Investment This is not like a job interview, higher level
Do your homework on the business andsector
Remember, the long tenure and intensity, means they are looking to add someone “Like Family”
Google/LI other board members
Understand why they are interested in you and demonstrate those competencies
Tell Your Story Concisely and Confidently
Mock Interview or other prep; hire someone to prep you
Dress for successTwitter: @franmaier
+What Can WE Do?
In your own company, advocate for more women board members
HELP EACH OTHER: Nominate other women for board seats on your boards
Talk to your Legislators and Regulators Should there be quotas like Europe?
CalPers in CA is pushing for board diversity
CA State also promoting it in guidelines
Push for Disclosure Requirements
Vote with your pocket book Do not buy from companies who do not have women on their board
Invest in only companies with women in the c-suite
Join some of the national movements
Twitter: @franmaier
+Thank You
Fran Maier
Independent Consultant/Public Speaker
www.linkedin.com/in/franmaier
Twitter: @franmaier