Strategies for women entrepreneurs

Women on Corporate Boards: It's Good Business

Although women hold a minority of seats on corporate boards, more boards are actively looking for women. Women entrepreneurs who excel in their own fields represent an excellent talent pool who can bring fresh ideas. A panel of speakers at The International Alliance "Women's Odyssey" Conference in Toronto in October, 2001 shared these perspectives on positioning yourself to get on boards if you are interested in a new challenge and what you can expect:

From Barbara McDougall, former President, Canadian Institute for International Affairs, and a former Finance Minister of Canada, Toronto

• Look to joining a corporate board at the top of your career, not on the way through. "It's a career closing event that requires patience."
• Because board members are the boss of the bosses, be sure you understand corporate governance. Attending seminars on this is a good way to educate yourself.
• Get involved in volunteer boards (particularly a hospital board) that include both men and women as a training ground and play an active role as the chair of the board or the chair of a major committee.
• Build relationships with men in positions of influence. Networking with other women only won't do it.
• Don't ask how to get on a board, but rather what value you can bring to a board and whether the CEO and other senior officers can benefit from your experience.
• Get yourself in Who's Who, a resource that search firms use when recruiting for new board members.
• Once you are selected for a board, be prepared to invest time in a lot of reading and complex analysis and to be part of situations that may take nerves of steel.

According to Barbara, the characteristics boards seek for members are:

1. Competence and leadership within comparable situations.
2. Financial skills and the ability to read a balance sheet.
3. HR skills. Personality does count, as does compatibility with other board members.

From Susan Black, Former President, Catalyst Canada, Toronto

• Be visible in your industry and community. Speak at events, get media attention, and seek appointments to Government Commissions.
• Get to know influential people, both men and women.

From Lili-Ann Foster, President & CEO, Renaud Foster, Ottawa

• Being competent is not good enough. You must be seen to be competent. Get involved in volunteer boards as a stepping stone.
• Choose your moments to speak and be noticed.
• Network.

Because existing board members are primarily men who tend to go to their networks to select others, the selection process for board members is antiquated and stacked against women, Lili-Ann says. However, she is optimistic about the future of women on boards. There is a large turnover of board directors coming up in Canada, which is a great opportunity to enhance the representation of women. "There's nothing more challenging, exciting and fun than being on a highly competent board, influencing the strategic direction of an organization and learning from colleagues."