Navigating Board Role : Shilpi Singh, Executive Coach in conversation with Gagan Singh, Board Member, Bharti Retail and Timex Group, India
When is the right time to start aiming for a board role?
The right time to look for a Board role is when you have more than 20 years of experience. By then, you have served in top management positions and have gained enough exposure to the view from the top i.e. getting “THE BIG PICTURE”.
What do Board members do? Why are board positions so sought after?
A Director on a board is responsible for ensuring governance and providing strategic direction to the organization. Independent Board members also have to take care of minority shareholders’ interests at all times. Right governance includes issues related to ethics, systems, process, compliance and enterprise risk management. Directors on Boards rely on audits and assessments done by auditors both internal and external and they report to the Board and highlight areas that need attention.
How does a Board role help in career advancement? What are the personal and professional benefits of being on corporate board?
There is no direct career advancement which can be linked to independent board membership. However, Independent directorship of boards definitely increases your Status in your professional arena. It’s also a recognition and acknowledgement of your achievements. It gives immense exposure and understanding of how different companies work. Also, when you are on boards of Non for Profit, it’s a very satisfying and enriching experience. You pay forward and your meaningful contribution can have huge impact. Also, if you would like to be engaged post retirement, it is an excellent plan.
What are the right questions to ask an organization before accepting a board position?
The most important question is to whether the organization is genuinely interested in having you on board and it is not a mere tick in the box. Also, make sure it is a professional board.
What are the right questions to ask self before starting to actively look out for board positions?
The first question is to ask, ‘why do you want to do it’? Do you like to speak up and stand for your opinion? Do you have some expertise to offer? What value would you bring to the board? Would you want to see more women in position of influence? Do you have a need to contribute meaningfully?
How has the board role evolved over years?
The law has made the role of boards very critical. Liabilities and responsibilities of director have increased tremendously under the new Companies Act. The statutory and legal compliance has become extremely stringent. In this context, the board role has become more meaningful and important.
What are the steps in creating a board career?
Get recognized for your expertise and contribution. Get yourself profiled – both online and offline. Speak with big head hunting firms. Spread the word around. You may also want to start with a Not for Profit Organization. There are various training and mentoring programs to get women ready for independent directorships on corporate boards. Take advantage of those
Once on Board, how do you make your presence meaningful and significant?
You have to make sure that you are not a figure head. Speak up and add value to the organization Contribute by providing strategic direction and a big picture view. Stay away from focusing on minor operational issues.
What is time commitment of a board member?
A minimum of approximately 6- 7days in a year is required for one organization. This includes Board meetings, Committee meetings and AGMs
How did you pick your first board position? Did you also have a mentor/ sponsor who helped you?
Both the board positions I hold were offered to me. As mentioned earlier, it definitely helps to build a good profile, and be known for expertise, competency and professionalism
