PLEASE BE SEATED

As the Australian Institute of Company Directors’ target for 30 per cent of board seats to be filled by women by the end of 2018 fast approaches, we speak to five female board members about the secrets to their success and the importance of gender equalit

MARINA GO Non-executive director of Energy Australia and Autosports Group, chair of Office Brands and Wests Tigers, and advisory board member for The Walkley Foundation

I made a decision to plan for a future second career as a company director shortly after completing an MBA in 2002, when I realised that female directors were in the minority. I was determined to be one of the women who increases the percentage of women on boards, both personally and through pulling other women up the ladder. Gender balance is one aspect of diversity and it’s been demonstrated time and again through hard data that diverse boards result in the best outcomes for shareholders. It’s been said that diversity is the insurance policy against groupthink and that’s a good business reason to ensure that, at the very least, boards achieve gender balance. One thing I’ve come to realise is that there are no stupid questions around the board table. In fact, the definition of stupid is not to ask about something that you don’t understand. I learned that quickly and early.

MELINDA PETRUNOFF Head of Gaming Marketing Solutions at Facebook (Japan, Korea, Emerging Markets, Australia and New Zealand) and director for Ozharvest

Gender balance at a board level is so important because broadening the composition of a board helps to expand perspectives. By having multiple women (at Ozharvest we have three female board members out of 11), it changes the dynamic. The

Harvard Business Review reports that while most CEOS recognise how important it is to have directors of different ages and with different kinds of educational backgrounds and functional expertise, they still tend to underestimate the advantages of gender diversity.

To get ahead, I believe in taking time to reflect on what’s most important to you, and to clarify what you want to achieve to ensure you get there. At Facebook we encourage everyone to write personal yearly visions focused on family/friends, health, career and community. My contribution to the Ozharvest board is a part of my vision of making a contribution to the community. We encourage people to share these with their colleagues and family/friends so their support network can keep them accountable and encourage them to achieve what they have set for themselves. I keep my vision on Notes on my iphone so I can access this from anywhere, and I make sure I check in at least quarterly to see my progress.

From my time on boards, I’ve realised that it’s okay to make mistakes if you learn from them. I’ve also learned the importance of communication – it’s better to over-communicate than under-communicate. You can’t just assume that people understand.

“Diverse boards result in the best outcomes for shareholders”

DR HELEN SZOKE Chief executive of Oxfam Australia, vice-president of Australian Council for International Development, Executive Board member of Oxfam International, chair of the Public Engagement Committee to the Oxfam International Executive Board and chair of the Department of Health and Human Services’ advisory committee on bullying and harassment in Victoria

I joined boards very early in my career because I felt that I wanted to contribute to other areas of public life, but also because I thought (rightly) that it would give me insight into governance and how to think strategically as well as operationally. I think it’s really useful as a development tool as well as what you contribute to civil society and the community.

Being a board member teaches you how to manage time and content effectively. To be a good board member, it’s critical to be across the papers, to spend time with key staff and to talk to other board members both inside and outside of meetings. You learn how to actively listen and how to navigate the art of persuasion when you feel strongly about an issue and feel it needs to be addressed.

Boards that have gender balance have better information, balanced perspectives and, let’s face it, they better reflect the community. Women are the decision-makers in so many other areas of life, so this experience, diversity and expertise needs to be brought into the boardroom as well.

JANE LAUDER Global brand president of Clinique and director of the Estée Lauder Companies

One of the things that’s important about a board of directors is that they don’t get into the day-to-day management of the company. They really think about how to create long-term value for the business and for shareholders. What’s great is being able to think about this incredible company that my family founded – how I make sure it survives and continues to thrive.

You want a board to be representative of the larger consumer base, as well as the population. You want to have a board that’s diverse in experiences – in terms of demographics, nationalities, etc. If we’re a global international company that sells to both men and women, we should have a board that reflects that type of business.

Women are the ones who never feel ready [to take on leadership positions]. They kind of wait until someone suggests it. So I think we’re all learning how to be much more assertive and understand that we’re capable. I’ve been in the company for 20 years, and before that I worked summers when I was in college. I have a lot of knowledge, so I think it was a good time to say, “Okay, I can take that knowledge of what’s happening every day in the company and give the board a different viewpoint.”

RACHEL BOTSMAN Author, university lecturer and non-executive director of the NRMA

I think the conversation should be focused less around gender balance at a board level and more on diversity in general. You want diverse age, experiences and backgrounds, but there should be alignment around values, what you and the organisation stand for in the world. When you get the right kind of talent mix at a board level, there’s a good tension that can at times make you slightly uncomfortable, but ultimately leads to better decision-making. I’ve learned that working with the wrong people is not just unproductive, it can quickly become toxic. A friend of mine calls people “drains” or “radiators” in terms of their energy, and mismatches are generally not good news. I have become much better at saying “no” in an honest and authentic way as well. It’s a tricky skill that we’re not generally taught. I’m also learning to ask more probing questions in a way that’s productive versus a little disruptive. You need your executive team to trust you to tell you the hard truths. It has been eye-opening to experience how large, trusted organisations must manage a careful balance between serving immediate member needs and taking risks that will enable them to stay relevant in the long-term. It’s not always easy.

“I’ve become better at saying ‘no’ – a tricky skill that we’re not generally taught” “We’re learning how to be more assertive and understand we’re capable”