Broadly, NED functionality falls under three categories: counselling, coaching, and mentoring. The best NEDs might be able to help with all of these areas.
Joining a Board as a young professionnal can be a career-shaping opportunity. It’s never too soon to look for your first Board. A Board role is a differentiator on your CV and will build your strategic capabilities and strenghten your performance in your day job, learn how to influence people, and forge strong connections.
One of the best ways to join a Board as an early-career professionnal is to start somewhere small.
1. Hybrid boardrooms: technology investment should occur for virtual and in-person boardrooms.
2. Pay for performance: if there is no business model, there cannot be pay for performance. Over-reliance on benchmarking makes for a poor board.
3. Changing risks: Boards that do not use technology for internal control and assurance oversight will face scrutiny..4. Financial and auditor attention: debt policies, capital limits, stress testing, proforma scenarios, renewal of financial literacy, and term limits and independence of auditors are all things that good boards focus on.
For boards to be successful in the new world of work, members must retain the skills which have helped to steer many companies through the pandemic. Agility in decision making, constructive challenge and debate, expecting and encouraging an open exchange of ideas will be central as we move forward.
