Savoy

Billy Dexter is a partner at Heidrick & Struggles and a member of Diversity Advisory Service.  Heidrick & Struggles is one of the world’s leading executive search firms that specialize in placing directors on Fortune 1000 boards.  Billy offers a few tips to Savoy Magazine readers on getting selected for board service.

As we enter 2K10 with our nation’s first African-American President celebrating his first year anniversary in the white house, the political arena has never been more diverse. Corporate executives are more open to creating a corporate culture that is more diverse and inclusive than in the previous decade. Corporate America will continue to struggle with race in the next decade however with the continued changing demographics of our country and with over 75% of the new entrants into the workforce representing diverse groups and emerging markets that continue to create new opportunities. There is a need for corporate governance to be more representative of the communities & customers they serve and the employees they represent.

The countries top companies will have to embrace diversity and integrate inclusive strategies to continue to be a major force in the US economy. The call for diversity in corporate governance will continue to get louder in the next decade. Scott E. Page professor at University of Michigan says there is a flat-out bottom line pragmatic reason to have greater representation on Blacks (and other people of color) on boards.

Getting selected to serve as a Board Director is a significant professional accomplishment which holds a tremendous responsibility advising the CEO and senior management on strategic management issues. It is important to note that over 60% of board seats are filled through a company engaging an executive search firm so it is essential you try to get on the short list with executive search firms and get visibility so firms know your background, accomplishments and interests.  Also, you need to be able to articulate your expertise.  Boards are looking for leaders that bring a strong expertise to the table to round out the board, i.e. operations, international business, technical expertise, human resources, financial management, etc.  Having prior board experience is a must even if it is with a non-profit board.  Experience working with board committees and having corporate governance training are all accomplishments that make you a more attractive candidate.  You should also have knowledge of the company’s industry and competitors and the unique challenges the company is facing before you meet with any of its current board members.  Do your homework on the leadership team and current Board members.  Also, it is important to know what you are signing up for as a Board Director.  What are the meeting requirements?  What are my liabilities?  Understanding the compensation model and term limits are just a few of the questions and issues you should discuss when considering board service.

More boards today are looking for diversity and are open to seasoned senior executives and not just current or past CEOs.  Dexter advises Savoy readers to put together a game plan to get on the short list to be selected for board service.  Remember it is not just “who you know” but what they “know about you”.