TAKING THE RISK
Success built on twin pillars: freedom to choose destiny; trust in abilities
An early lesson from her parents set Sarah MorganSilvester on the path to success. “They instilled a belief that I could be and do whatever I wanted for a career, with the caveat that I do my very best,” she says. “There is power in that. It was a great gift.”
The freedom to choose her destiny and trust in her abilities helped earn Morgan-Silvester a long and successful career in financial services; a seat at many a board table (including CWB Financial Group (CWB)); the Order of British Columbia; and a win in Canada’s Most Powerful Women: Top 100 Awards in the Accenture Corporate Directors category.
Morgan-Silvester joined the CWB board four years ago, at a time when the organization was reviewing how risk was managed and monitored. She was invited to chair the inaugural risk committee and her insightful leadership helped foster and grow the area. An inquisitive and considered approach also led to enhanced decision-making during a time of rapid, transformative and sometimes uncomfortable change in the organization.
“To chair a committee or an entire board is a position of privilege and one of the finest compliments you can imagine, because you are invited by a room full of equals to lead them,” says Morgan-Silvester. “For any financial services organization, risk management is key. It touches the real pulse of the business. It is not about avoiding risk, however. It is about taking appropriate risks and understanding the trade-offs. This is an important committee and pivotal to the growth and development of the organization. I am honoured to be a part of it.”
Transformative is the watchword for MorganSilvester’s board-level career, which spans for-profit and not-for-profit organizations. She was the inaugural chair of the Vancouver Fraser Port Authority, an entity she helped create as chair of British Columbia’s three-port amalgamation transition team. As former chancellor of the University of British Columbia (UBC), she was also a member of the board of governors, working closely with the university president and board chair in a key governance role. Today she is a director at Grosvenor Americas,
Grant Thornton and BC Ferry Services, in addition to her role with CWB.
MorganSilvester freely admits her preference for working with organizations that are “not done yet” and recognizes the importance of the human element in every governance framework. “People and culture really matter most when determining where to devote my attention, especially at this time of my life. I look to where I can add value and make a difference,” she says. “What attracted me to CWB was authentic leadership and a culture that is growth-oriented. When you combine that with a winning strategy, you have all the ingredients for success and a great future.”
Diversity is a big part of the people and culture equation. For Morgan-Silvester, diversity offers the power to tap into different perspectives. “My belief is that it improves decision-making not only because there are different questions being asked, but because there are different options to contemplate. The possibilities are broadened so much by that diverse input.”
Throughout her career, MorganSilvester has advocated for diverse and inclusive environments, particularly for women. In 2000, as an advisory board member of Women in the Lead, she helped create a directory of qualified and ready female board candidates to help organizations fill roles. “It was a catalyst. The issue of women on boards was new at the time. With 800 names in our final directory, we achieved our aim and the issue gained significant profile,” she says.
As an active member of CWB’s human resources committee, Morgan-Silvester inspires and supports the advancement of women across the company. How? “By showing up and being available. Whether as a formal or informal mentor, having a quiet coffee at a pivotal time in someone’s career, or offering tips for an upcoming meeting or presentation. The confidence that can instill at the right time is very powerful,” she says. “I benefitted from that kind of largesse and was very grateful. As a result, I always endeavour to pay it forward. My contribution is about building successful businesses, but it is also about building successful people.”
When it comes to leadership, Morgan-Silvester shares some key insights. “A lot of positions come with a fancy title, but being a parent is the ultimate leadership role. It is also when you realize how little power has to do with anything. Leadership becomes a personal statement about who you are and what matters most to you as you gently nudge your children along while ensuring they grow up to become independent and successful people,” she says.
She also emphasizes that leadership is shared, not owned. “You don’t know what leadership is until someone puts you in a position that stretches the limits of your own expertise and where you are reliant on your team to get the job done.”
Finally, leadership is granted by others. “Once granted, it becomes an act of service to those who have agreed that you will lead them. It is about helping to bring out their best while facilitating the best outcome, whether that is growing a business or a fundraising campaign.”
It was not a direct path to the world of financial services for Morgan-Silvester. Her initial career choice was vastly different from where she is today. “I went to university to be a marine biologist. It fascinated me. But halfway through the first year I had a crisis of decision-making and determined to learn more about the work. I learned that I would dislike everything about the role and had a change of heart,” she says. “I discussed switching to economics with an academic counselor. He looked at me and said, ‘that’s great, we have a fine home economics program.’ That’s when I switched universities and enrolled in the commerce program at UBC.”
The moral of the story? “Have the courage to chart your own path and embrace the power to change your mind. If you have doubts, even to cultural fit in a business, look to other options. Find something you will enjoy and don’t be afraid to admit a mistake and start over. It was quite a jump from marine biology to business economics, but it was certainly the right jump.”