EY / BoardReady Women in the BoardRoom Series
Pictured, from left to right: Gabrielle Skilleter (EY), Phyllis Campbell (BoardReady), Sandra Oliver (EY), Deanna Oppenheimer (BoardReady), Fumbi Chima (panelist)
As a part of BoardReady’s efforts to enhance diversity of thought in corporate boardrooms, we are passionate about continuing the conversation on diversity and inclusion and its role in corporate governance. Over the past eighteen months, we have partnered with EY to host several networking events focused on bringing together aspiring, current, and seasoned board members. At our most recent event, we were joined by two incredible panelists and several corporate board directors who all facilitated engaging discussions regarding boardroom dynamics.
Sandra Oliver, EY US-West Assurance Managing Partner, moderated the panel discussion that featured two global corporate board leaders – Deanna Oppenheimer and Fumbi Chima. Deanna is the Founder and Chair of BoardReady, and currently serves as Chair for IHG Hotels & Resorts, and as a non-executive director at Thomson Reuters and Slalom LLC. Fumbi also has an extensive portfolio of board experience, currently serving as a director at publicly listed companies AZEC Company, Inc. and Whitbread.
Among the many topics covered, central to the conversation was an exploration of the varying types of board roles. Comparisons between private and public boards exemplified how each board role comes with its own responsibilities, its own time commitments, and its own culture. As such, it’s imperative that board candidates do their due-diligence in researching the company and its boardroom dynamics. What is it they are asking of you? Who are they looking for to fill this particular role, and why? How would this role fit in to your current portfolio?
When thinking about these questions, one helpful analogy that Deanna and Fumbi proposed was likening a boardroom to a team. While it’s likely you were recruited to join a board because of your unique skillsets, just as you would a sports team, it’s also important to think strategically of how you fit into the big picture, just as one player fits the mold of their entire team. As a board member, you have the ability to not only provide counsel but also positively influence the culture – and the combination of both of those qualities can yield quite the impactful board director.
This particular panel discussion served as a poignant reminder of the opportunities available to aspiring board candidates, while also acknowledging the obstacles still stand in their way. As Deanna mentioned, your first board is often the gateway to additional board roles down the road – so how can we provide more points of entry to that first board role?
Understand the corporate landscape in your local region. If you live in Seattle, expanding your search to include IPO or private companies may be more effective than only narrowing in on public roles.
Join a non-profit board. Often times, the experiences you have and the networks you build within those communities can help propel your board journey.
Focus on the “3 Legs” – board work is only one piece of the puzzle. Find ways to also stay relevant and current in the evolving corporate climate, while also giving back to organizations and individuals that align with your values.
The insights, wisdom, and strategies offered by Deanna and Fumbi that evening exemplify how diversity of thought in corporate boardrooms remains the way forward. And here at BoardReady, we are committed to continuing the momentum of the movement.