Another "play" to advance your interest in governance

Getting to know you

The first time director may not be well known. To get better known, try 2 approaches. 

• write a bio.
• find a sponsor and a mentor (2 different skill sets-so 2 different people)

Biography

Write a board bio of yourself clearly delineating your expertise and consequent value to a prospective board. Susan Stautberg, referenced in the last blog, and President of PartnerCom Corporation, a New York based company, operates governance boot camps for women who want to be corporate directors. She recommends that aspiring directors describe their analytical and "team" smarts rather than simply listing their work experience. Be prepared for the question:

"Can you be around a table, synthesize a lot of information and ask the right questions?"

Be prepared to describe what you excel at.

Excel

As early as 1997, researchers noted that women who are publicly recognized and have a high profile have attained a greater number of directorships than those women-equally accomplished- but with a lower profile. These researchers recommended that women who seek appointments as directors should develop a conscious strategy to creating a public image. Seek the advice of a PR consultant in developing a profile for career achievements.

Profile

Women might wish to use a range of strategies to increase their profile. These strategies include:

• attracting media coverage
• public speaking
• using talk back and letters to the editor
• developing contacts with journalists
• participating in business and professional forums
• entering public debates

In this way, women will likely build networks and perhaps alliances, that will support their ambitions to become directors. 

Sponsorship and mentorship

Mentors and sponsors..2 different animals (so to speak). And both are important. And, both are people of influence; the former within the organization, the latter within an industry. 

A mentor is typically and older, more experienced and more senior member of the individual's organization who takes the younger, less experienced individual under his/her wing. The mentor serves as a sounding board, a counsellor to and an advocate for the aspiring staff member. A mentor will serve as a coach or trusted advisor on challenges or decisions. 

A sponsor is has significant influence within the targeted sector. (S)he will advocate on the candidate's behalf, for high profile assignments. Placement in these assignments can position the prospective director to be noticed by search firms, Nominating Committees and /or influential directors. 

Don't be shy

Lobbying search firms is a good idea. These firms keep evergreen lists of likely board candidates, kept updated continuously for the time when a corporation asks them to do a search for prospective candidates fitting a certain profile. Proactively approaching search firms with a "bio" describing skill sets and targeting a specific sector, serves notice that a candidate has both the interest and requisite skills to serve as a director. 

The next blog will address how to prepare yourself  while doing good. Volunteering can provide you with expertise as a director.




Transparency, NBPSPP and you

Yesterday, I wrote about transparency...sort of. Effectively, what I pointed out was that NBPSPP has some policies which guide the Board in its work. These policies are designed to assure you that the Board is overseeing the financial health of the Plan in a responsible way. 

In fact, the Board is trying to demonstrate that it is responsive to the needs of the clients (us). However, it is more about what it is not saying. Some policies are referenced but not available. These include:

• the code of ethics and business conduct. 
• disclosure policy
• board orientation and education policy
• guidelines for the nomination of new trustees

The code of ethics and business conduct guide the board about their conduct of the business of the plan. It covers booth personal conduct and what assets are chosen to invest in. 

• Can trustess use information they get in the investment strategies to enrich themselves (personal trading activities)?
• Is there a prohibition against investing in assets which may abuse human rights, or have a negative impact on the environment?
• Does the plan invest in companies which do not support concepts of social responsibility?

It should be noted that while we are provided with an asset mix, we are not told what those assets are. 

There is a board orientation and education policy.

• How is orientation organized?
• Are new trustees oriented before they take their board seat?
• When are they evaluated as to performance?
• There is an education policy.
• What is the nature of that education?
• Does it focus on governance (at all)? Recent reports suggest that it does not.
• Does it relate to a stated trustee skill matrix? recent reports suggest that it does not.
• Is there a statement about the value of board member certification?
• And, is there an education plan set out at the beginning of the year?
• Who presents that and how is it related to succession planning? 

There are guidelines for the nomination of new trustees.

• What are these guidelines and how are these related to the governance needs of the plan?
• Who reviews the applications? What is the definition of independence?
• How are independent trustees recruited? This might be a situation where external advisors would be used. Has this been considered?
• how does this relate to the skills necessary for the board to conduct the business of the plan? So are there job descriptions for trustees? 

The annual report also noted that there is a self assessment skills matrix. What does it look like?

The point of this is that transparency is more than saying that this or that exists. "This or that" needs to be produced and , especially where policies are applied, how are these being implemented. 

This, then, gets to the role of the external auditor. Did the auditor review any of these policies and did he (or she) review how these might have been implemented?

Clearly, not. 

Tomorrow I will cover policies which do yet exist for this plan and why these are necessary to the ethical conduct of the business of the plan.