Which board roles should I apply for?

There are a huge range of board positions out there, from school governor positions to NED roles at FTSE companies. It can be hard to know where to focus your efforts, so we have aggregated some guiding principles. 

General principles 

Clarify your ambitions 

“Once I was clear about my passions, my pro bono environment revolved around them ... And the real epiphany for me was that the same could apply to [paid] non-exec roles ... Really interrogate yourself on why you want more board roles ... And then ask what exactly would be your impact? How do you hone in on businesses where you will uniquely add value? When you do that, the skills you bring to the table become a lot more obvious." Tamara Box, Reed Smith LLP Partner, Interpath Advisory & Eve Appeal Chair, Chartered Management Institute Trustee

Understand the different skills boards look for 

"Public boards will always value prior PLC, finance, and risk experience. There tends to be a preference for CEOs, COOs, or individuals who’ve led large divisions. Family-owned companies prioritise values and legacy. Having a long-term vision and creating sustainable growth are usually their two priorities. PE firms are highly results-driven and focus on value creation in the short term. They usually look for those with M&A or deals experience. VC firms and their portfolio companies seek NEDs who have entrepreneurial experience and those who have scaled startups and navigated rapid growth." Carla Devereux, Nurole Head of Commercial Client Success

Apply for roles you’re curious about 

"The future will see the role of the board evolve from that of a problem solver to a problem explorer ... As an individual, I always think about how we expand our role into that of a problem explorer. When you're curious about solving problems, you will naturally want to take on extra responsibilities, serve on sub-committees and so on." Shuo Chen, Investor, board member and faculty member

Do your due diligence 

"Before I go onto a board, I make sure I meet the CEO, chair and other key stakeholders, which vary by organisation. Sophisticated organisations will have paperwork which sets out their mission, values ... But I will do my own little bit of research: talk to stakeholders, suppliers, people who have worked at the organisation. Do they really live their values, or is it just PR?" Janhavi Dadarkar, Founder & Board Member at Academy for Board Excellence

Find out the scope of the particular board

"It’s not just legal risk and frameworks; it’s also emotional intelligence. Can you bring your full self? Will your input matter beyond tick boxes? If not, you’re probably wasting your experience and energy." Ann Francke OBE, CEO of Chartered Management Institute

Identify boards that have a specific skill or experience gap you can fill 

"It might be that my chair turns around and says, 'I see loads of people who've got this experience. We don't need that on the board because I've already got two people with that experience'... It's not about you. It's about the needs of the board." Nicolina Andall, Deputy Chair Ministry of Justice and King's Counsel Selection Panel

Look outside your main sector 

"The highest return is to be open to markets and sectors that you wouldn't necessarily have considered ... If you wait for the perfect moment, for the perfect board, in the perfect market, in the perfect sector, you're never going to find anything." Amanda Mackenzie OBE, NED at British Land and Lloyds Banking Group, former CEO of Business in the Community

Don't go too small too early 

"There is a slight risk of going too early. If you haven't got quite enough executive experience, the roles you take can be too small. Non-executive roles are generally six to nine years, so you can spend nine years doing something too small. And when you're ready to transition, the headhunter mis-sizes you." Sara Weller CBE, Chair of Money and Pensions Service, NED at BT

Apply the chemistry, challenge and value criteria 

 "I've got criteria that need to be fulfilled, and I'm transparent about those. First: do I fundamentally like these people? Are they high integrity, straight, hard working? Second: do I rate the chief executive? Is this someone I trust and want to partner with? Third: is there some really interesting knotty challenge or growth opportunity? I'm not interested in steady state. Fourth: can I add any value? Is there space for me? Together, those things make me think this is an organisation I really want to be part of." Sarah Flannigan, Chair of Bionic, Yeo Valley, Riverford Organic Farmers and Sawdays, Senior Advisor at OMERS Private Equity

Sector-specific insights 

Bank boards - Do I know enough about liquidity and risk? 

“How does a bank fail? Very quickly or very slowly. The slow way is that it makes bad decisions on its lending. It thinks it's lending to customers who will pay them back, and over time, it becomes clear they won’t. The quick way is that it doesn’t have enough liquidity. If everyone who has deposited funds turns up on the same day and tries to withdraw them, you die within hours. As a bank board member, it’s fundamentally important to understand the likelihood of either of those things happening.” Paul Pester, Chair at Tandem Bank, NED at National Bank of Bahrain and former CEO of Virgin Money and TSB Banking Group

Building societies - Understand the mutual model

"It's really important to understand the genesis of why building societies came to be. Every saver - and in many building societies also their mortgage customers - are members. Instead of the shareholder to whom you are returning profits by way of dividend, you are creating value for your members. That matters to members, and you need to understand that." Annemarie Durbin, Chair of Yorkshire Building Society, NED at Petershill Partners and Persimmon

Charity boards - Size matters

 "For those considering charity positions, it's really important to distinguish between ones that are large with a big exec team and ones that are small, where actually the board of trustees is very active - whether it's fundraising or even other areas.” Lucy Walker, Chair at Aurora Investment Trust PLC, SID at Henderson International Income Trust PLC, founder of AM Insights Technology Limited

Financial services boards - Don’t be scared by the regulation 

"I challenge people who say they don't know regulation or compliance. They do. We all do. There's no way you've survived in any institution, in any corporate, big or small, without having a plethora of regulation and legislation. It's just in FS it's even more because it's a lot more financial, and you have to approach everything by asking whether you have enough resources to do what you’re trying to do." Jenny Knott, Non-Executive Director at British Business Bank and Simply Health, founder of Fintech Strategic Advisors, former CEO of Standard Bank International and Nex Optimization

Insurance boards - Do I understand the engine? 

“If you don't understand the engine, you'll be a danger to yourself and the business. At the least, you need to have a high-level understanding of who the clients are, where the money comes from, what they're buying, why they're buying it, and how you deliver it.” Mark Winlow, Chair of Aon UK and Redwood Bank

Investment trust boards — Managers, fees and strategy

 "The board really adds value in two places. One is to challenge the manager. Boards negotiate with managers to push fees down. And the second is strategy - how to navigate significant trends. And I would add risk into that as well, because clearly cognisance of potential risks that need to be managed must be part of the strategy." Lucy Walker, Chair at Aurora Investment Trust PLC, SID at Henderson International Income Trust PLC, founder of AM Insights Technology Limited

NHS boards - Understand the nature of the value you’re expected to bring 

"When we talk about bringing in external commercial sector people, what we're just doing is bringing in an outsider's lens. Someone who says I'm coming in, and I'm not coming up through the weeds to look at the forest . I actually am looking at the forest from the outside. So I might just give you a challenging different perspective that might make you think differently about the priorities." Richard Meddings, Chair of NHS England, former Chair of TSB Bank

Private equity boards - Understand how the fund makes its money 

"What is critical is that you understand how PE works. Really understand the fund dynamic - how funds get initiated, invested, how assets are originated, what pressures they get from their limited partners, how the dynamics of a maturing fund versus a new fund influence their behaviours. Understanding how PE makes its money is really important because that will condition their view on assets and the outcomes they need. It's very different from public markets or something owned by a pension scheme or family office." Andrew Tyler, Chair of Ainscough Crane Hire and multiple private market businesses, founding partner of Ancient Horse Limited

Professional services boards - Can I bring the executives with me? 

“Your most important asset is your people … As a board, you have to bring people with you. You can’t ignore the business, operations, efficiencies - whatever it might be. You have to focus on your people and the business fundamentals at the same time. So you have to woo your assets all the time and ensure management is putting in place a vision and strategy that actually appeals to their people.” Tamara Box, Chair at Interpath Advisory & The Eve Appeal, NED at Hanover Capital, and Trustee at the Chartered Management Institute

Public sector roles - Assess your ability to make an impact carefully 

"Not all opportunities are the same. There's wildly different opportunities for impact in certain areas with certain types of organisations. With a small arm's length body or a charity or something, you've got to look really carefully at the dynamics of that situation, particularly who's leading and is that stable? And then do you understand what the economics and the business model or the funding model is?" Sir Ian Cheshire, Chair of Land Securities Group and Aspire Healthcare Group, former Chair of Channel 4 and Barclays Bank UK

University boards - Do you have legal, finance, estates or people skills?

​​"Look at the composition of the board - what do we need on a board? We need that mixture of legal, finance, estates and people's skills. So if you were looking at it, you'd think, well actually, what do I bring to this party that's additive to what they already do?" Phil Walker CBE, Chair of Council at the University of Roehampton and ECB Nominations Committee Member

School boards - Check two metrics 

"Understand the state of the school - two particular metrics. One, how do its outcomes compare with schools with similar cohorts? And two, what are their finances like? Do you have reserves? Do you have a deficit? Is the deficit episodic or structural?" Ian Phillips, Chair of Watling Park Primary and author of How to Be a Great GOAT

Startup boards - Do you have the experience to solve the next problem? 

"Startups tend to want very focused expertise. They will be looking at the next problem they have to solve. And what you want as a startup, if that's the big next challenge for you, is someone who has struggled with exactly that question in their own company." Priya Guha MBE, Venture Partner at Merian Ventures, NED at Herald Investment Trust, Digital Catapult and Reach PLC, former British diplomat