...and how to lose one. Canadian Business spoke to the experts about how to score a coveted seat at the table.
So you want to be a corporate director. Get in line. Although almost 4,000 directors are expected to retire from Canadian boards over the next five to seven years, the old saying that "it's who you know rather than what you know" still holds true. "It's a very, very difficult market; if you want to become a corporate director, you've got a really tough job in front of you," says David Beatty, managing director of the Canadian Coalition for Good Governance. That said, there are still opportunities for highly qualified candidates--particularly current and former CEOs, CFOs and chartered accountants--to join the boards of some of the country's largest and most complex boards. Canadian Business spoke to the experts about how to score a coveted seat at the table.
1. Get the word out
Send a copy of your resumé to several reputable executive search firms. Your name--and any unique qualifications--will be entered into a special database that consultants use to narrow their list of potential candidates. "They should keep touching base every few months just to make sure they're at front-of-mind with us," says Rob Grandy, a senior client partner at executive search firm Korn/Ferry International. About 25% of board vacancies are filled by search firms, which means the remaining 75% are placed by word of mouth. "Far too often, the old boys' network and who you know at the country club still dominates the selection process," says Chris Bart, principal and lead professor of the Directors College, a joint venture between McMaster University's DeGroote School of Business and the Conference Board of Canada. Most importantly, network. Let friends, family and colleagues know exactly what kind of board you're interested in joining so they can spread the word too.
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