Being on a board presents you with opportunities to expand your network, stay on top of current trends, and apply your expertise in new ways.

Although it’s a fascinating aspiration to be on a board, it does require a couple of prerequisites. Let’s look at how to join a board of directors. 

What Is a Board of Directors? 

A board of directors is a group of people that provides direction and helps an organization set the agenda for business. They are charged with protecting shareholder and stakeholder interests; hiring, firing, and setting compensation for the CEO and (often) executive team; and strategic planning and oversight. They define the big picture rather than the day-to-day operations of a company. This group reviews policies and monitors business results. When those business results are not met, the board of directors makes the needed changes to realize the set goals. 

What Type of Board Should You Join? 

When you decide to join a board of directors, you have a couple of options. Typically, you can choose to join a corporate board, an NGO/nonprofit board, or an advisory board. 

Below, we break down what each board entails, and when they are the right fit for you. 

1. Corporate

The corporate board represents the shareholders in a corporation. This board of directors provides oversight over major business decisions a corporation needs to take. The corporate board of directors creates the overarching policies and procedures to help a company run smoothly. 

Typically, you can join a public board or a private board of directors. The main difference between the two is the role difference. In a private company, the board operates in a more advisory role while public boards take a full oversight role. Public boards can fire or veto the CEO’s decision, but private boards do not necessarily have this authority. 

Public boards have more disclosure requirements than private company boards. For instance, public boards need to be transparent about decision-making, potential risks, and financial reports. 

Overall, it’s harder to land a position on a corporate board compared to a nonprofit board or advisory board. Athena helps women leaders understand governance fundamentals and apply for board recruitment opportunities to join a corporate board through our members-only portal. 

If your goal is to join a corporate board, you can try to find positions in smaller, less known companies where the competition is less.

The corporate board represents the shareholders in a corporation. This board of directors has full oversight over major business decisions a corporation needs to take. The corporate board of directors creates the overarching policies and procedures to help a company run smoothly. 

Overall, it’s harder to land a position on a corporate board. It’s a paid position with high expectations and a thorough vetting process. If your goal is to join a corporate board, you can try to find positions in smaller, less-known companies before dipping your toes into the public corporate board world. Joining organizations like Athena Alliance help you master the governance basics you need to be an effective corporate board director, and connects you with the network and open opportunities to reach your goal.

2. Non-profit

Like corporate boards, non-profit boards provide oversight in not-for-profit organizations. They are tasked with minimizing risk, setting objectives, and developing organizational strategies. They are also typically expected to be involved in fundraising, open their rolodex of contacts to advance the mission, or donate directly to the organization. 

If you’re looking for a position as a board member for the first time, you should consider a non-profit board. Starting on a small non-profit board is more attainable while giving you insights into the governance process. It’s also a good opportunity to expand your network, as many nonprofit board members are sitting corporate board directors as well.

3. Advisory boards

Advisory boards provide advice and expertise to the board or CEO. The advisory board helps the CEO and executive team, advises them, and walks the CEO or corporate board through their challenges to come up with solutions. 

An advisory board is more of a team of experts. There could be multiple reasons for bringing these experts on board. One example is filling knowledge gaps and providing information and guidance to the CEO or corporate board. It can also be to add gravitas to the board. 

The differentiator between an advisory board and a corporation is that an advisory board doesn’t have any fiduciary responsibility, no legal authority, or direct liability. You can decide to join an advisory board for the sheer thrill of providing advice and expertise without the liability or commitment of joining a corporate board. 

Why Do Boards of Directors Need Women?

Aside from the issues of DEI, having women in board positions is a win for any organization. In fact, studies show that Fortune 500 companies with higher percentages of female board members outperform competitors in return on equity, invested capital, and sales. 

In addition, having female board members helps organizations attract and retain top female talent. Female board members paint a picture of empowerment, encouraging top female talent to be part of your organization. 

If you look across the board, you will realize that the top and most successful companies have at least one woman on their boards. As of 2021, women make up 26.5% of the board in Fortune 500 companies. There is even a drive to mandate women’s place in the boardroom, such as California’s SB 826 and Nasdaq’s board diversity requirements. 

How to Join a Board of Directors 

Before you begin your journey of joining a board of directors, you will find wisdom in the following words from Athena member Karen Roter Davis (board director at 360Learning and Shift4 Payments): “My advice is that you’re not looking for a board seat, you’re looking for a board seat that is a good match for you with good people. It’s like finding any other job. It takes as much time as a job search and as much thought and as much positioning. It takes as much effort and vetting and thoughtfulness.”

With that said, here’s how to join a board of directors. 

Understand your capabilities 

To find the right board to join and ultimately find fulfillment in the position, you’ll need to first understand your capabilities. This means exploring your skills and being honest with yourself when evaluating skills. 

Athena member Meg Crofton (board director at Tupperware Brands, Cracker Barrel Old Country Store, and HCA Healthcare) advises you first to know why you want to serve. Underneath the answer to why you want to serve is the discovery of your principles. Here’s what Meg has to say: “Be very sure you are grounded on why you want to serve on a board. There will be many reasons, but being honest with yourself on your ‘why’ is very important. On your worst day on a board (and believe me, there will be some!), your reasons for being there will carry you through.”

Also, strive to focus on the areas where you excel. This way, the learning curve will not be steep. In other words, find your niche and own it. Organizations are looking for people who’ve niched down their expertise, not jills of all trades and mistresses of none. 

Finally, consider your strengths. What do you bring to the table? Knowing your strengths and communicating them effectively will be essential in winning and retaining a board position. 

Assess your character

Are you comfortable asking the hard questions? Can you consistently be analytical in your thinking and interactions? Are you willing to collaborate and work in a team, despite all the differences in personality, behavior, attitude, and worldviews? Do you have the emotional intelligence to excel in a team-facing role? If yes, then you are ready to join a board. 

If you answered no to these questions, you need a little more work. Remember, the role of a board member is a challenging one, and you need to be prepared from all angles to succeed. Through live and on-demand board education and 1:1 coaching with board experts, Athena helps women leaders master the hard and soft skills of being a board member so they can be more confident going into the process.

Think like an entrepreneur

Finally, structure your mind like an entrepreneur. You need to possess the ability to juggle multiple activities. Being a board member means reviewing huge amounts of data or reports, serving on committees, and attending meetings. You will need tenacity, mental capacity, and organization skills to complete every task on time. Creativity and problem solving are also a big part of serving as a board member. 

Boards require visionaries and people who can come up with strategic solutions and provide operational guidance. In fact, studies show that having entrepreneurs on smaller business boards boosts the company’s revenue growth rate than at companies with non-entrepreneur members. 

Most importantly, constantly be refining your skills. Some entrepreneur-like skills to refine can include:

• Identifying opportunities
• Being comfortable with risk and learning from mistakes
• Digital transformation and strategy
• Flexibility and adaptation
• Communication and collaboration
• Creativity and innovation

Enrolling in an executive leadership development program can equip you with the needed skills and coaching to enter into a new board member position. 

Is Athena Right for You?

Being a board director makes you a better executive. It broadens your impact and your view of what your impact can be. It allows you to share your skills and expertise in a new way and elevate your influence and visibility in your existing operating role. For women looking to transition out of the executive realm, it offers a new trajectory to extend their careers.

Athena helps women leaders VP level and above, investor partners, CEOs, board directors, and founders as they reach their next career goals—as they join the boardroom, rise into the C-suite, and elevate their leadership impact. They span all functions, industries, and business models and are poised to deliver incredible value to public and private boards.

Ready to get started? Learn more here. 

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The Athena Alliance is a community that propels leaders to build impact—in the C-suite, in the boardroom, as an investor, as an entrepreneur, as a thought leader and beyond.