There are also tips for those wanting to get their first board role and directors share their insights into what success and failure looks like when you finally get a seat at the table.
“Being a director is not for the faint-hearted and there is a real imperative for directors to have a broad focus beyond the financial goalposts,” says Patterson.
She adds that whether they’re making decisions for an NZX- listed company, a small to medium business, a not-for-profit that serves the community – or even a school board of trustees – directors also have to think about the moral and ethical issues that could have major implications and flow-on effects not only for that company or organisation, but also for the wider community.
“It is a director’s job to ensure the wellbeing of the company or organisations they serve. Ultimately, the decisions they make impact on employees, volunteers, and that trickles down to the surrounding communities who might use an organisation’s services, or buy a company’s products,” says Patterson.
For those keen to take a seat at the table, it is important to be careful about the boards you choose to sit on. Patterson says the job is becoming increasingly demanding due to the scope of director or trustee duties, legal responsibilities and liabilities, and the increasing community expectations required.
You can follow Across the Board on Across the board podcast links iHeartRadio, Apple Podcasts and Spotify. Episodes debut weekly on Saturdays from December 3rd.