Becoming a director – and an effective one – requires much thinking through, positioning and concrete actions.
Over the past few years, there has been a growing emphasis on board diversity. In addition, new requirements for listed companies in Singapore include a nine-year term limit for independent directors and the necessity to disclose board diversity policies.
Consequently, there has been a rise in the number of new directors joining boards across all sectors. In its 2024 report, the Council for Board Diversity indicated that in 2023, first-time directors accounted for 57 per cent of all new appointments to SGX-listed companies, contributing to increased diversity among directors.
More than half (58 per cent) of new directors had CEO experience, and 80 per cent had experience in overseeing revenue-generating units. The top functional skills experience included strategy and management (39 per cent) and finance and investments (38 per cent).
The increased board renewal has led to more individuals aspiring to become board directors.
Becoming a director
Becoming a director can be more challenging if you are not a CEO.
After I left my full-time role as an assurance partner at a professional services firm, my colleagues assured me that, given my experience as an audit partner and as a woman, it would be easy to secure director roles.
Despite my involvement as a committee member in various nonprofits, participation in board and audit committees, and doing director training, transitioning to a director took more work than expected. It felt like starting an entirely new career and was humbling.
Transitioning into a new identity requires practice, observation and absorption. Unlike other professions and leadership roles, board directors do not have apprenticeships available to them.
In her book Working Identity, Herminia Ibarra describes the identity transition process as messy, non-linear, and requiring experimentation and learning. It often takes longer than expected. During this “liminal” period, where one feels stuck between the old and new, there may be conflicting desires to hold on to the past while also wanting to move forward. This process, in hindsight, is a crucial part of the journey to becoming a board director.
Structured director training programmes, such as those offered by the Singapore Institute of Directors (SID), support a director’s journey. In my case, I also received support from mentors and sponsors, leading to increased comfort with networking in the board community and operating within the boardroom over time.
How does one improve one’s chances of developing a board career?
I am often asked where to start and how to improve the chances of being considered for new board roles. The box, “Your Journey to the Board” set out three broad recommendations.
Understand yourself and your aspirations
First, know yourself and whether being a director suits you.
Directorship brings with it both risks and responsibilities. Considering your medium-term objectives, it is essential to understand why you want to become a director. Questions that you may wish to consider include:
- Am I financially stable? Or do I want to use my board remuneration as a source of income?
- Do I wish to complement my executive career with a board appointment?
- What boards do you want to sit on in the medium term?
- What is my passion? Is it to serve the nonprofit sector or otherwise?
In Singapore, most people will not be able to earn the same level of remuneration from a portfolio of boards as from an executive career. Further, it can take some years to obtain a role on the board of a large listed or private company or develop a board portfolio that allows you to be self-sufficient. Your longer-term goals will influence the steps you may need to take.
You should reflect on your experience to determine if you will make a good director. Whether for-profit or not-for-profit, boards look for new directors with specific skillsets and experiences that complement and enhance the existing board’s skills per its strategy. Prior governance and strategic expertise are often highly valued.
Boards may also be interested in your experience dealing with complex matters, such as leading a company through a significant restructuring or crisis management.
Additionally, they may want to understand how you can support them as a member of subcommittees, such as the audit and risk or nominating committees. Therefore, thinking through and articulating how your experience will support the organisation’s future direction in the governance space is essential.
Deep technical expertise in one domain, such as technology or human resources, may be helpful. However, if you lack other attributes, skills and knowledge, such as industry knowledge, experience working in different organisations, or advisory roles, some boards may view your experience less favourably.
It is also important to remember that serving on a board involves working collectively. Board work is relational, not just individual; governance is exercised through influence. If you prefer telling management what to do, a board role may not be something you enjoy.
Finally, consider whether a board role is the best way to give back to society or whether volunteering may be better for you.
And if you wish to be a director, identify the types of roles you are open to and the value you can bring to them. Ask yourself:
- Which types of organisations are you open to working with (such as listed, non-listed, charities)?
- Which locations (Singapore or overseas)?
- In which industries?
Every director’s preference and risk appetite will differ.
Be prepared to explain the types of roles you are open to and the value you can bring to a board. What can you do to support a board, and how will you do this? What is your “elevator pitch”? Telling people you want to take on a board role may not be enough. Remember to complement your message in your board profile and CV (see below).
Experiment and learn
Second, invest in continuous professional development. As the business landscape constantly evolves, continuous learning and development are crucial for board directors.
While some may argue that upfront director education is expensive, the benefits will become evident as you become a more effective senior executive, expand your networks, and eventually transition into a more effective director.
In the early stages of your director journey, consider taking various courses, such as SID’s Listed Entity Director programme or SGOOD programme, to grasp the fundamental requirements of being a director. SID’s Accreditation programme supports a director’s ongoing professional development.
Directors should also attend courses that enhance their technical and soft skills, such as board dynamics. They should also participate in sessions on current topics, read extensively, and network widely to stay informed about potential issues that may impact their organisations. Attending programmes in person offers the opportunity to meet current and aspiring directors who can be valuable contacts.
After securing one of my initial roles, I found that one-on-one and peer mentoring sessions were beneficial early in my director journey. I receive regular feedback from a board chair on areas such as building relationships with peer directors and navigating boardroom dynamics. I also had the chance to make a strong network of peer directors on a professional and personal basis, whom I still consult for knowledge and insights today.
Your professional networks will always be a good start for finding roles and sources of information on business trends. However, recognise that the type of networks you will need as a director will differ from those as a senior executive.
Herminia Ibarra proposes that identity is the company you keep. Therefore, when undergoing identity transitions, you should be cautious of the ties that blind and bind you. She suggests finding kindred spirits, guiding figures and role models, forming new peer groups, and reactivating dormant ties.
Consider the types of networks and organisations you can join that will allow you to meet and work with a wider variety of people, such as on a committee. Some of these roles may initially be volunteer roles. However, they are an excellent way to get yourself known to others in a workplace scenario, where people get to see how you operate.
Aspiring directors should create a board CV, even if constructing a board CV can be challenging for those with limited governance experience. A well-crafted CV in Singapore is increasingly necessary for directors searching for board positions.
A board CV typically includes a board profile summary, details about directorships and committees, board and sub-committee capabilities, key executive experience, governance and industry qualifications, and contact information. It should be not more than three pages long.
Boards seek to understand your leadership, strategic thinking and governance experience. Be explicit about your board responsibilities and the sub-committee positions you’ve held, and provide evidence of how you’ve added value. Disclose your technical, geographical and industry expertise areas.
Demonstrating comfort in a boardroom setting can be challenging for aspiring directors, so consider highlighting examples such as presenting to a board or dealing with complex decision-making as part of your executive roles if you have less board experience.
Reflect and consider feedback
Finally, seek and reflect on feedback.
Good directors take the time to reflect and think outside of meetings. This includes reflecting on how they can improve their performance on their boards. Directors should consider whether they enjoy their roles, what they like and dislike, and what they can do to become more effective.
Each of us has preferred roles that we take on in groups, such as the organiser, devil’s advocate, or quiet observer. Additionally, we may have blind spots in groups that others see in us that we may not be aware of, such as appearing very quiet or tending to interrupt others. It is important to be self-aware of these blind spots and ask for feedback on how you come across on boards and committees, as this may impact your future board effectiveness.
Transitioning into a board career can be challenging and uncomfortable. Like other career transitions, taking on a new role requires more than just attending a training course; it requires you to work your way into it, which takes time.
For most, the journey to the board doesn’t take place overnight. Like training for a marathon, having an open mind, trying new things, experimenting, learning and reflecting are essential for progress.
This article was first published in the Q1 2025 issue of the Singapore Institute of Directors.