Who would want to be a company director? It might seem like a prestigious job to be on the board of BHP, Rio Tinto or Commonwealth Bank, or any company in the ASX 200. But the pay is relatively modest, the hours formidable – if you do the job properly – and the risks are enormous. Directors are typically the first to be blamed in courts, inquiries and royal commissions when something goes horribly wrong.
“I wouldn’t do the roles I’m doing for the financial side of it,” says Richard Goyder, a former Wesfarmers chief executive, who now chairs Woodside, Qantas and the AFL Commission. “I do them because, hopefully, I can add some value and enjoy it, and enjoy the people I’m working with. But there are some pretty serious consequences if you miss something and that can be inadvertent.”
Nicola Wakefield Evans, a board director at Lendlease and Macquarie, says networks serve an important purpose for those wanting to join boards. “People who have the ability to pick up the phone to a chair or be able to provide a reference for you if you’re being considered for a board role. If you don’t have those networks, it’s actually very difficult.”
Other directors have found a pathway into boardrooms after being mentored. Bob Every, a former chair of Wesfarmers, Boral, Iluka Resources and BHP executive, has mentored future board directors, as has Woolworths chair Gordon Cairns and Gonski. When approached for advice about becoming a board director, Every has a couple of rules that he shares. “Look at who’s around the table. If you decide to take on a board seat you’ve got to make a commitment, say, for five years. Second, ask where you can add value. I don’t see any point going on a board unless you feel you can add value.
Livingstone’s advice to any individual considering an ASX 200 board role is to be very clear about why they’re joining and to decide on which sector. “Without having your own thought process and strategy behind why you’re making those decisions and why you would like to be part of those boards in those sectors, you’re not necessarily going to bring the best of yourself to that board. You’ve got to have passion and commitment to that business.
newsandimages Also remember you should never have so much as passed wind in a lift, never tried something different & you must expect to have your words twisted & to expose your whole life to probing unlike those in the existing networks. It’s a closed shop in many respects full of hypocrisy.
newsandimages Also remember you should never have so much passed wind in a lift, never tried something different and you must expect to have your words twisted and to expose your whole life to probing unlike those in the existing networks. It’s a closed shop in many respects full of hypocrisy.
newsandimages Graeme Samuel: “What concerns me is we’ve got really terrific people with exceptional experience, who would be outstanding directors on boards, but often boards are looking for a name… What boards have to ask themselves is do they want skills or a name?” Skills? 😂
newsandimages Couldn’t have put it better: “…networks hinder fresh talent from entering the director pool and often end up promoting a closed group of the same people onto boards.”
newsandimages Trading Bitcoin with Mrs lovely16350 and Making my weekly withdraw was a very light process I was really afraid to start at first But now i have all needed guarantee to say lovely16350 is a true live rescuer Thanks for responding to my trade text with a Godly Heart.
newsandimages AASGAAbuse you know a bit about dementia. Wasn't he one who said he couldn't see need for a Royal Commn and later said he was shocked it was all true? And directors said 'we can't recall'?
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newsandimages Well the Bank RC didn't put all the directors or lawyers or APRA in the box to explain al Quada and then directors told ASIC 'we can't remember if she said anything', AASGAAbuse. And then tell US shareholders like GavinNewsom pension fund they won't get $7b.
newsandimages Difficult to express how little anyone would or should care about company directors.