Take advantage of the relationships cultivated by emerging professionals.
Imagine you are a C-suite executive tasked with maximizing the insight of your company’s board of directors. You need counsel on a major decision that could affect the long-term success of your company’s business initiatives. Do you ask a seasoned board member who on the surface would seem to have stewarded companies through any number of difficult scenarios? Or do you consult with a younger-than-average member of your board, one who might be able to bring fresh perspective to the situation? This is a dilemma that has applied to 37-year-old Glenn Wilson, board member for Michigan Housing Council and Mass Transportation Authority, and advisory board member for ELGA Credit Union, Flagstar Bank, Federal Home Loan Bank of Indianapolis and more, who has frequently had companies mistake his youth for a dearth of gravitas. We spoke to him about the disadvantages of mistaking your board members’ age for inexperience while also touching on specific questions he wished he were asked by the companies he serves.
As a board member, you have a wealth of contacts that can be beneficial to the companies you serve. In general, how well do these companies do at leveraging those contacts or your expertise in general? How do you believe they could do a better job? Do you sometimes feel you could do a better job of communicating your expertise?
It really depends on the board on which I am serving. I have found that a lot of companies underestimate my connections at times because I am younger than 90% of board members, and they feel as though I do not have the “time in” to have a depth of relationships. Sometimes, they don’t realize that my relationships can be beneficial to the bottom line and further the company’s mission. Companies should always include in their onboarding and annual processes a tool to map connections in and across sectors. These relationships can engage board members at a higher level and result in advantages for the company.
What types of questions do you wish you were asked that you are not often asked to address?
Often, board meetings devolve into reports, and companies miss out on the strategic thinking with which quality board leaders can assist. Questions that should be asked include:
• Do you see any opportunities you feel we’re missing as a company?
• Do you feel that our staff appreciates your input?
• What is the public perception of our company?
• Are there emerging technologies or innovations that can improve the company?
• What are the threats we’re facing currently?
• Do you see untapped potential for partnerships or leveraging of relationships?
• Are we living up to our mission, honoring our history and securing our future?
What types of questions are you asked, and what matters are you asked to weigh in on, that you feel are not the best use of your expertise?
I’m concerned when I’m asked to weigh in on a plan where I have no opportunity to suggest changes or improvements. It’s always helpful to give board members ample time to consider plans and come ready with ideas. It’s also effective to have substantial time before meetings for board members to work through things together.
Make sure to check out the upcoming edition of Private Company Director to learn more on this topic. Also, be on the lookout for details about the 2022 Private Company Governance Summit, June 15-17 in Washington, D.C., where we will focus not only on the topic of effectively leveraging your board’s contacts and experience, but also on how to remain an effective board member, onboarding new directors and more.