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DAVID SCHWARZ Managing Director BOARD SEARCH BREAKFAST.

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Presentation on theme: "DAVID SCHWARZ Managing Director BOARD SEARCH BREAKFAST."— Presentation transcript:

1 DAVID SCHWARZ Managing Director BOARD SEARCH BREAKFAST

2 Welcome 1. An (ex) international headhunter/recruiter. 2. Previously worked at the AICD. 3. Author: ‘Board Appointments’ 4. Leading board recruitment and CV expert. 5. A NfP Non Executive Director. 6. The MD & Founder of Board Direction.

3 Today

4 This morning 1. the RISKS & REWARDS of a board appointment; 2. how to FIND and TARGET organisations; 3. the FIVE critical things Chair's look for; 4. the FOUR paths to a board appointment; 5. the must have DOCUMENTS you need; 6. how LONG it takes to get appointed; 7. how much you could be PAID;

5 Why Would Anyone Want To Be a NED?

6 The Risks Much too high – financial & reputation Hourly rate is dreadful Not the decision maker You are already busy Did I mention the risk?

7 The Rewards Understand how your own board works Evidence ‘strategic’ experience Develop new personal connections Develop new professional connections Business & Personal opportunities Demonstrate you passion for a cause or to ‘give back’ Fall back or preparation for post executive life

8 Three Sectors & their Boards

9 Government Boards & Committees (401) Agriculture; Media/Arts; Communication; Defence; Education; Employment; Environment; Finance; Foreign Affairs & Trade: Health; Industry; Infrastructure & Development; Social Services; Treasury; Veteran’s Affairs… and more www.ausgovboards.gov.au

10 Commercial Organisations Non Executive Boards: Traditional risk orientated Family Boards: Often politically challenging Advisory Boards: Time limited & specific Investment/Equity Boards: Managing an investment Start ups: They want all of you

11 Not for Profit boards International – Greenpeace, Amnesty International National – Heart Foundation, Cancer Council, Super Funds, Peak Bodies State – Arts & Environmental Trusts, Health & Sports, Community Banks Community – Schools, Clubs, Foundations, Development Organisations Industries include: Finance, Industry, Sport, Community, Health, Housing, Education, Environment… and plenty more

12 ‘Significant’ people on NfP boards. Great Barrier Reef Foundation Sydney Theatre Co. Financial Markets Foundation for Children Shakespeare Co. Heart & Research Institute Victorian Opera Company Red Cross Hong Kong Australian War Memorial Foundation for Very Special Kids Sir Roland Wilson Foundation National Museum Australian Museum Lizard Island Reef Research Foundation The Australian Ballet Mission Australia Melbourne Fashion Festival Alannah and Madeline Foundation Carey Baptist Grammar School Diabetes Institute Sydney Symphony Orchestra. St Vincent’s Institute of Medical Research

13 Which Board For You?

14 Some questions to ask yourself. How much/Do you need to get paid? Do you have past board experience? What is your skill set? Where do you live? How valuable are your contacts & to whom? What are your timings? What are your passions? What time you have? How much preparation are you willing to do?

15 Choose carefully… Regardless of your reality and aspirations - be passionate. NfP’s are not a easy ride to a ‘better’ board. The first sort of board appointment you accept might be the last sort of board appointment you accept.

16 Board Career Reviews Understanding the opportunities available, where to find them, what your offer is and what you need to do to be appointed is absolutely essential when thinking about gaining a board appointment. We offer personal 2 hr board career reviews that work through each of these aspects. Resulting in a clear understanding of the journey ahead and what you need to do to achieve your board aspirations.

17 What does a Chair want?

18 Five critical elements Regardless of the scope or scale of an organisation in an ideal candidate they are probably looking for: 1. Past governance/board experience 2. An executive skillset 3. Relevant networks/connections 4. Demonstrable passion 5. Cultural fit

19 Other DESIRABLE traits

20 (Relevant) Industry experience Where does your industry experience lie? What do you offer over and above the executive? What is your point of difference here?

21 Governance Training Is it worth it? 75% of the people I speak to think that it is. The Australian Institute of Company Directors, Company Directors Course The Governance Institute – Grad Dip of Applied Corporate Governance (Institute of Company Secretaries) 9/04/14www.boarddirection.com.au

22 Diversity Not just gender There are seven strands of diversity You bring diversity – but you must be able to articulate it? You must be able to articulate why you are diverse and why your brand of diversity is valuable to a board.

23 How Are Board Members Appointed?

24 The Chair is Key

25 Boards are a fragile ecosystem Chairs have to appease: internal and external stakeholders; other board members; shareholders and also maintain a robust decision making body. New appointments change the dynamics of a board They are nervous about new appointments Need to a level of comfort before appointing anyone unknown

26 The FOUR paths to a board appointment

27 How are boards members appointed? 65% of people are appointed to a board through their personal connections (1) 15% are appointed directly (2) 10% via recruiters (3) 10% via advertisements (4)

28 Regardless of your approach… You must dare them* not to appoint you.

29 1. Personal Connections

30 Personal Connections: ‘Old School Ties’ “Multiple directorships abound, with 105 people accounting for a third of all ASX 100 board seats,” Can be valuable – though not as much as you might think

31 Personal Connections: Strong & Weak Ties Strong Ties (Friendships & Relationships) People you see regularly and who know you (your first call?) Weak Ties (Contacts & Connectors) People you see rarely or infrequently However, perhaps 50% of all board appointments occur via Weak Ties… Why??

32 Weak Ties & the Fundamental Attribution Error we "instinctively want to explain the world around us in terms of people's essential attributes.” Strong ties: have already pegged you or may not rate you Weak ties: offer an opportunity for you to frame your board aspirations. They offer opportunities outside of your sphere. So, developing weak ties can make you powerful

33 2. Direct Approach

34 The direct approach 15% are appointed this way Be clear – know your USP/board profile. Use networks – develop weak ties & become a warm candidate Be helpful – make introductions, address their challenges. Provide a solution.

35 3. Executive Search Firms

36 Executive search firms (headhunters) 10% of all board appointments. Know their business & how it works. Avoid them if you can. When you can’t… impress them

37 4. Advertisements

38 Understand the realities Understand the statistics (10%) & realities then… Be memorable and ‘dare them not to see you’ Clarify the process and timings Give them permission to say ‘no’

39 How are you spending your time?

40 If your board search consists only of: waiting for a call from a headhunter; an approach from a friend or; writing board applications then you should ask yourself whether this is the best use of your time – statistically it isn’t.

41 How to apply

42 Research Research Research It is more intensive than you might think Desk based – Google, view website, read financial documents In person – develop weak ties, mystery shopping, purchasing products, visiting the operation, experiencing the product, speaking with stakeholders & competitors Do what ever you must to equip yourself with the detail that is going to separate you from your competitors and ‘dare them not to appoint you’.

43 Application Documents 1. A board ready CV 2. A board cover letter 3. A supporting statement

44 Your Board Profile Address the five primary reasons why people are appointed. Done it – you have governance experience Skills – you have those required Connected & Knowledgeable – who do you know & relevance Passionate – governance, what they do, your contribution Cultural fit – provide comfort in a fragile ecosystem Include details – names, organisations, evidence is important Remember FAE – they only know what you tell them

45 1. Board CV Board CV v Executive CV Demonstrates intent Presents you at board level Articulates your offering at board level Strategically focused Dare them not to appoint you Board appointments are a competitive process you have to properly articulate what you offer over your competitors

46 Does a ‘board ready' CV really work? With pleasure I am informing you that as a result, I believe, of using your advice and the Board CV style and content you worked on with me, I have now received an appointment as a Non Executive director to an organisation with a bright future and potential for significant growth … Why do I know the Board CV was a catalyst? Because I asked what attracted their attention to me, to which they responded “the style, format and clearly articulated content of the CV” (Rodney Turner)

47 2. Board Cover Letter Chairs read cover letters Your cover letter should articulate 4/5 things 1. Passion – for the role (based on your research) 2. Why you should be appointed (your board profile) 3. Address any gaps or points of interest 4. Passion – for the company (based on your research)

48 3. Supporting Statements Jump through the hoops provided You will be measured against each ‘core criteria’ Address them specifically and in detail – don’t skimp on the detail Focus on your SUCCESSES

49 You Probably Have Two Questions How long will it take? How much will I be paid?

50 1. How long will it take to be appointed? Depends upon: Your aspirations How much effort you are willing to put in. How relevant your skills are / experience you have in your field It is a journey… but can be enjoyable & profitable one and the reason we created the Board Ready Course.

51 The Board Ready Course Personally developed by Board Direction as a training and accountability resource 12mth online course 10 x 30min online classes Course work 12 x monthly accountability phone calls. Flexible enough to work around your timings but thorough enough to actively drive you towards your board aspirations

52 2. How much could I be paid? Average NED Remuneration 96% of Not for Profits are unpaid

53 Finally Finding the ‘right’ board role is not a simple or quick process, nor should it be. The application process for a directorship can often be more thorough than an executive application. In both cases however, thorough research and developing personal connections are absolutely key. Doing both will separate you from other applicants and … dare them* not to appoint you

54 Board Direction: Putting People on Boards Australia's leading Non Executive Director advertising & board career development firm Advertise 70+ board vacancies  Write board CVs  Board Search Master Classes  Board Ready Course  Board Career Consulting  Non Executive Recruitment

55 Membership Options

56 Join today and dare them not to appoint you EXECUTIVE members today receive the Board Ready Course (valued at $499) for free AND a complimentary personal 2hr one on one board career coaching session with David Schwarz (valued at $499). Or ACCESS+ members today receive the Board Ready Course (valued at $499) for free.

57 Contact Details David Schwarz E: david@boarddirection.com.auM: 0479 196 058 Web: www.boarddirection.com.au www.boarddirection.com.au


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