Be the person that boards are looking for: what boards want in a new member is someone who can add value to the company. Is that you?

• Author: Walkling, Ralph W.
• Position: EVIDENCE AND PERSPECTIVES - Interview - Excerpt

In conducting its annual survey of women on boards in the Philadelphia metropolitan area, the Forum of Executive Women visited with the Center for Corporate Governance at Drexel University. The Forum, composed of more than 350 women of significant influence in the Philadelphia region, sought to add information and insight on being "board ready." The following is an excerpt from their interview with me that was published in the Forum's board survey report, released in September 2010. A copy of the report with the full interview is available at the Forum website (www.forumofexecutivewomen.com).

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How has the role of board member changed due to recent financial scandals and the economic meltdown?

Board members face increasingly complex regulations and responsibilities, an increasingly complex business environment, and an increasing speed of change both in the business world and in the regulatory environment. Many board members are displeased about the checklist mentality of governance--they have less time to spend on strategic and substantive issues because they're spending more time with compliance issues. There are shorter lead times these days because technology allows the instant availability of all kinds of information. Companies that can respond and adapt quickly to information will benefit from opportunities; companies that respond slowly typically experience declines in market share and value.

What specific skill sets are needed to be an effective director?

You have to have business experience and expertise, a good sense of business strategy, and knowledge of corporate governance. You also need financial expertise to know your way around balance sheets and income statements. It's also important to have a customer orientation. Companies that satisfy their customers excel. You certainly need good communication skills--writing, speaking and listening--and good interpersonal skills.

What personal attributes are needed?

Let's come back to the notion that you are working for the owners of the company, investing their money. If you were hiring someone to invest your personal funds, what qualities would you look for? My own list is incomplete, and yours could be different from mine, but any list would start with integrity, intelligence, knowledge, and a desire to excel. You also need some more intangible qualities, such as common sense; the ability to process concepts and ideas in a logical, objective fashion; the ability...