How to Become a Corporate Board Member

Corporate Board Member

Becoming a corporate board member is an excellent way to enhance your career and increase your earning potential. But gaining the right credentials and becoming an effective board member takes a lot of hard work and time. If you are serious about landing a board position, it’s advisable to start by mastering the basics of your industry and building a strong network. Then, you can begin to make a difference for the companies you serve.

The board of directors is a group of individuals who oversee the operations and finances of a company. A board can be comprised of any number of members and is governed by laws, policies and procedures set forth in the company’s charter. The primary function of a corporate board is to provide guidance and oversight in the company’s best interests and for the benefit of its shareholders.

Qualifications for a board position are often broad and include experience, business expertise, and specialized skills. Generally, a person with extensive knowledge and experience in his or her field is highly sought-after as a corporate board member. This could include expertise in a specific industry, management capabilities and leadership abilities. The board should also have a diversity of experience and background, which includes age, gender, race and education.

How to Become a Corporate Board Member

Whether you’re seeking a public company board seat or a place on a nonprofit organization’s board, your goal should be to become a leader in your industry and achieve quantifiable goals along the way. This will show that you have the leadership, communication and problem-solving skills necessary for a successful career path to a corporate board.

The most important step in pursuing a board seat is to develop your reputation as an expert in your field. You can do this by securing earned media coverage in your area of specialty, which will establish you as a thought leader and help you stand out among other candidates. You can also build your network by volunteering in community and professional organizations, serving on committees or becoming an advocate for a cause you believe in.

It’s vital for new board members to spend a few days or more learning about the company’s basic information before attending the first meeting. This includes getting acquainted with the business model, strategy, financials and senior management team. During this self-education, it’s a good idea to seek out guidance from people who can fill in gaps of knowledge. For example, a first-time director with no knowledge of accounting may want to hire a consultant to help her understand the complexities of financial statements.

Another important part of your preparation for a corporate board role is developing your ability to question the status quo. A good board member is not afraid to challenge assumptions and ask the tough questions, which will ultimately lead to a stronger company. This is the only way a company can grow and stay competitive in its market. As a board member, you’ll need to be able to quickly identify and address the key issues facing the company.