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Binders full of Women

For US Public Boards

So You Want to Serve on A Board

An Action Plan

Fran Maierfranmaier@gmail.comTwitter: @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. Board Specific Education/Cert

Twitter: @franmaier

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”

Twitter: @franmaier

Twitter: @franmaier

+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

franmaier@gmail.com

Twitter: @franmaier