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Tips for Aspiring Independent Directors

Tips for Aspiring Independent Directors

By Sandeep Budhrani
Calendar

Nov 04 th 2020

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Some Aspiring Directors who read this might question my credentials to be to qualified to provide tips for Aspiring Independent Director, as I too am an Aspiring Independent Director.


We all know that the bees visit various plants and collect nectar from plants and after secretion it becomes honey and stores in honey comb. In a similar way, I have attended several workshops , Summits, Online meetings over zoom and other platforms, and read various messages in whatsapp , linkedin and other social media. I have compiled few tips that was echoed by several Independent Directors and Mentors who were asked to provide advise to Aspiring Independent Directors.


Tip 1 - Identify your circle of competence.


In recent times, Organizations are facing various challenges in specific domain. So an Aspiring Independent Director can be chosen either for his competence due to having experience and skill sets that can be used across several industries , for eg HR or Audit. Alternatively, he can be selected for experience and wisdom in a particular industry but who also has general business acumen across the domain. For eg if he is from banking industry, then he could be selected due to experience in working in various Departments which include but not limit to retail banking, loan servicing, commercial banking, mortgage banking, etc.


Tip 2 - Establish a Professional Social Image.


As an Aspiring Independent Director, it is very important that the Director realizes that online branding is critical. Although many Social Networking sites were started for purpose of casual socializing, today many Organizations are using that as a tool to find out more about prospect Candidate.

According to a recent online poll conducted by Robert Walters, about 74% of respondents agree that it is critical to maintain a professional image online, particularly on personal social networking sites.

Companies we have spoken to also agree that they frequently use it as a tool to gauge a Candidate or employee’s professionalism and if their images are reflected appropriately online. In addition, some employers also use it as an effective social monitoring tool. Social networking sites have grown to become an inevitable part of the hiring process and it is common for employers to use it to find information on a job seeker which is not usually seen on a CV.

Also it is important to have a professional DP in your WhatsApp. I cannot imagine an Aspiring Director , who has his pet's picture on DP , being called by the Board to discuss of a possible position as a Director. 


Tip 3- Avoid highlighting passing of proficiency test in your Profile/Resume.


Passing of proficiency test is not really something to boast about. Just as a CA will not boast of his B. Com degree but simply notify where required, for an Aspiring Director, to be selected, it would be assumed any which way that the Aspiring Director have cleared the proficiency test.


Tip 4- Make networking a habit.


Although the saying "Your network is your net worth " appears true in almost every walk of life, it has never been more apt for Aspiring Independent Directors. 

As an Aspiring Director getting started, your network is very valuable. The more people you know, and the more influential they are, the quicker you are likely to succeed in your goal of becoming an Independent Director.

Aspiring Independent Directors need to connect online and offline and spend at least 6-8 hours a week in networking. Ideally, they should network with Company Promoters, CEOs, CS, MD and Chairman of as many public companies as possible.


Tip 5 -Have one or more Mentors.


Just as they say that in the spiritual journey, to reach a stage of God Realization, one needs a Guru, in a similar way, to become an Independent Director, for an Aspiring Independent Directors,  it is absolutely essential to have one or more Mentors. Not only do the mentors tell you to do what is required, sometimes even one instruction from them can save Aspiring Independent Directors countless hours of search in the wrong direction.

I am blessed to be associated with mentors like Vikesh Wallia, Divya Momaya and Pramod Jain. Also, my journey started with attending the " Masterclass for Directors "by Institute of Directors, New Delhi. who I consider as my Alma Mater.


Tip 6- Never join the Board for money.


Last but not the least- unlike other positions, like say that of a Sales Director, where by joining a Company, one has exposure to limited liability and huge Rewards, an Independent Directors position comes with limited rewards and huge liabilities, including personal. So if as an Aspiring Independent Director, your intention is to choose this position for money, know that you are at the wrong place.

As some wise man , in olden times had said, Never Marry for Money, you can borrow it cheaper.


My advise to present day Aspiring Independent Directors would be -: never join a Board for money, you can borrow it cheaper.

Published By Sandeep Budhrani

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Category

  • All
  • Boardrooms
  • BOARDROOMS
  • Independent Directors
  • Role of Board
  • Mindset Shifts of Boards
  • Independent Directors and Promoters
  • Sustainability / ESG
  • business implication
  • employee exits
  • COMMITTEE MEETINGS
  • Union Budget
  • Independent Director
  • Grow with Governance
  • Grow with Governance
  • INDEPENDENT DIRECTOR
  • Entrepreneurial Board
  • ESG & ITS IMPORTANCE
  • leadership coaching
  • Change Management
  • Advisory Boards
  • Boards
  • Boardroom
  • Brand Yourself as a Leader of the Company
  • Kindness
  • Are you hesitant to speak in the Boardroom!
  • Governance & ESG
  • Directors
  • Independent Directors
  • Corporate Governance
  • Leader development
  • Gratitude, Purpose
  • decision making
  • Systematic Investment Plans in Emotional Intelligence
  • Corporate Governance
  • The Board’s Role in ESG!
  • Balance Boards
  • Agility and Compassion
  • Governance and Board
  • Diversity and Inclusion
  • Directors,Promoter Directors
  • Board Members, Directors and Independent Directors
  • Board and Senior Management
  • New Directors
  • Cyber Insurance
  • Salary Increment
  • Economy Growth
  • Human Resources
  • Generating Wealth Beyond Money
  • Agile Mindset for Leadership
  • Aspiring Independent Directors
  • Board Leadership
  • Corporate Governance & Women on Boards
  • BOARD MEMBER
  • SME
  • WOMEN DIRECTOR
  • BOARD MEMBERS

Archive

  • 2021
    • April (3)
      • Will you drive your vehicle without a dashboard?
      • Are you making SIPs to improve your Emotional Intelligence
      • Corporate Governance needs a Moral Compass – Ethics in Indian Boardrooms!
    • August (9)
      • Grow with Governance: ESG is the umbrella for CSR, says Vedanta's Roma Balwani
      • Grow with Governance: PadUp Ventures' Rajat Jain Demystifies Correlation of Governance and Economic Growth
      • Grow with Governance: Family governance impacts the culture of a family-run business, says Equations Advisors' Mita Dixit
      • Entrepreneurial Board
      • NEW REGULATORY PROVISIONS RELATED TO INDEPENDENT DIRECTORS
      • ESG & ITS IMPORTANCE FROM THE POINT OF VIEW OF BOARD MEETING
      • Start early, don't wait till retirement to become an Independent Director, says Increate Value Advisors' Milind Sarwate
      • The winding road of leadership coaching in the post-pandemic era
      • Challenges of Organizational Culture Change
    • February (4)
      • Re-examination of Purpose by the Boards in Post -Pandemic Era
      • What Makes Great Boards Great! Performance Evaluation by Boards and Role of Independent Directors
      • Promoter Director – Time to become Custodian of Governance!
      • Diversity and Inclusion – The Board Perspective!
    • January (2)
      • New Directors - Have you done your due diligence
      • Cyber Security Insurance and Boards
    • July (7)
      • Why Advisory Boards Are Important for Indian Business Corporates?
      • Grow with Governance: ESG essential to repair the damage economic activities caused to the earth, says CA Shailesh Haribhakti
      • Top 10 areas to contribute in Boards as Independent Directors
      • Top 10 Questions to Ask in Boardrooms!
      • Essential HOWs of Boardroom!
      • Kindness is key
      • How to Brand Yourself as a Leader of the Company?
    • June (6)
      • Leading from the Boardroom
      • Are you hesitant to speak in the Boardroom!
      • The Neem Project a Leadership case study
      • Directors Liability in India
      • Why do promoters need Independent Directors?
      • Corporate Governance Deviation – Infosys Case Study
    • March (4)
      • Board Refreshment: Finding the Right Balance for your Board!
      • HR Governance and Board – How Important Is It?
      • Agility and Compassion: Two Pillars for Boards in the Post Pandemic Era!
      • Modernizing Governance: The Board’s Role in ESG!
    • May (3)
      • Restructuring appraisals in 2021 – Gratitude, Purpose & Meritocracy
      • How do you make your personal Brand?
      • Leadership Coaching: How does it help Leaders
    • October (2)
      • Are Independent Director’s required on the Board?
      • 'Ethics & Governance' lesson should start from school, says Federal Bank's Independent Director, Sankarshan Basu
    • September (3)
      • Grow with Governance: As an Independent Director ensure your voice is heard, says Apurva Purohit
      • Grow with Governance: Push for ESG agenda; pool CSR funds to maximise impact, says Ranganath NK, former MD of Grundfos Pumps
      • Grow with Governance: Boards should prepare companies for different risks, says National Insurance Academy's G Srinivasan
  • 2020
    • August (4)
      • WOMEN DIRECTOR-An Emerge
      • ARE YOUR BOARD MEMBERS SAVVY WITH FINANCIAL TERMS AND EXCEL IN FINANCIAL LITERACY QUOTIENT AS PER COMPANIES ACT 2013 MANDATES.
      • BOARD MEMBER SELECTION- A TASK OF PERFECTION
      • SME IPO – AN OPPORTUNITY TO CAPITALIZE YOUR BUSINESS
    • December (3)
      • Good or bad, Salary Increments always cause a heartburn among employees
      • Is Economic Progress Enough?
      • Emotional Intelligence
    • November (3)
      • Generating Wealth Beyond Money
      • "Agile Mindset for Leadership"
      • Tips for Aspiring Independent Directors
    • September (3)
      • Independent Director
      • Lean Thinking Boards
      • Corporate Governance & Women on Boards
  • 2022
    • August (1)
      • Liability of Independent Directors – An Important Aspect of Corporate Governance
    • February (4)
      • A Hero's Farewell: How to handle employee exits with dignity
      • Green Bonds: An Instrument for Financing a Sustainable Future
      • Tool for effectiveness of Board Committees - Ask Right Questions
      • Russia-Ukraine war and India’s Business Implication
    • July (2)
      • Stagnation or Evolution – Mindset Shifts of Boards when Company sees Stagnated Growth
      • Risk Assessment and Minimization Procedures – Role of Board
    • March (2)
      • A study on Sustainability Report of Container Shipping Companies.
      • India and The ESG impact of Crypto Currencies
    • May (1)
      • Independent Directors liability under GST
    • November (1)
      • Workplace Sexual Harassment and the Role of Board
    • October (2)
      • How many Boards are too many?
      • Women in Indian Boardrooms Vs Diversity = Inversely Proportionate
    • September (2)
      • Organizing for the Future – Important keys to becoming future ready
      • Are you ready to serve on the Board?