On making it in the boardroom | Imran Saleem, Partner, Egon Zehnder
The boardroom is a desirable place, and after a successful Executive career, many wish to embark on a portfolio career and serve on boards. What does it take to make it in the boardroom? In this podcast, Dr Sabine Dembkowski, Founder and Managing Partner of Better Boards, discusses making it in the boardroom with Imran Saleem. Imran is a Partner with Egon Zehnder in the Middle East and the Office Leader in Dubai. "It depends on either the experience or the wisdom that they bring to the table"Imran explains that Egon Zehnder places individuals on boards globally according to client needs. Their selection process focuses on two groups. The first group consists of individuals with specific qualifications or high-in-demand characteristics. Individual experiences and wisdom characterise the second group of people. Imran explains how individuals with relevant experiences as CEOs or CFOs bring a lot of credibility to boards with their strong financial acumen, understanding of risk, and broader strategic knowledge. They are well-suited for roles such as Audit or Risk Committee Chair. "The process of narrowing down candidates from a long list to a shortlist isn't always driven by logic" In his 16 years with Egon Zehnder, Imran has learned that various factors influence decisions when narrowing down a long list of candidates. It is not always logical and can include factors such as the candidate's representation on paper, clients' perceptions and feelings towards a particular company, and their understanding of its operations. Imran believes it is an art form. Individuals are included on the long list because there is faith in their potential to deliver. Egon Zehnder is responsible for advocating for them to make it to the shortlist."They need to help the management look around corners."Imran points out that different boards may have different success factors and requirements based on whether they are a family board or publicly listed. However, he believes that incoming board members need to develop a reputation for asking good questions. Effective board members should look for ways to help the company avoid traps and anticipate challenges. They should encourage management to think big and be ambitious. They should not provide all the answers but offer guidance and allow management to develop their solutions. "The demand for good board members is extremely high"Imran explains that they often look for board members from FTSE and DAX, but it is not just about where the companies are listed but also how they operate. For boards in the Middle East, board members from global companies with experience in emerging markets and different geographies are most sought after."Companies should not hire a board director when a consultant or advisor can fulfil the role"Imran outlines the Egon Zehnder view that companies should not hire a board director when a consultant or advisor can fulfil the role. Specialist insights can be obtained through advisors, managers, or by creating an advisory board, and the main board should consist of individuals who can contribute to a wide range of topics rather than being focused on a specific area. The three top takeaways for effective boards are:1. Make sure you practice good judgment. Good judgment always comes into play whether a board is looking for a board member or aspiring to be board member. 2. Bring curiosity and insight to ask the right questions versus giving answers.3. Always hire to contribute to a broader board across various topics and hire consultants where specific expertise is needed.