Money 20/20 USA - "How to be on the Board" Panel
Las Vegas ▪︎ 23 October 2022
Last month at Money20/20 USA, on the Do.Better.Together stage, Gokce Gizer (Board Member at EdenBase) was invited to join the “How to be on the Board” panel alongside Millicent Tracey (Board Directors at California Bank of Commerce) and Shemina Jiwani (COO at Ascendant World).
About the Do.Better.Together Initiative
Money20/20 believes women, minorities, and underrepresented professionals should have a louder voice and more seats at the table in financial services. We work to amplify those voices and open doors through our platforms and program, collaborating with our community to empower real change and erode systemic bias. Inclusion and difference simply make us stronger.
Learn more about the Do.Better.Together initiative and the RiseUp/Amplify programmes
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Takeaways from the panel
In addition to insights about the board role, some of the key messages of the panel were to empower and encourage women, minorities, and underrepresented professionals to seek board roles so they could be a part of the decision-making processes of organizations that affect the employees, communities as well as the customers and stakeholders.
The panellists shared their personal journeys and practical insights on becoming board members, the role's responsibilities, and how to empower underrepresented groups to seek board seats.
They discussed what it means to be a board member and how it differs from an operational role including some of the points below:
Boards serve as an oversight mechanism for governance and accountability for organisations as they set strategic direction, track progress and continually assess risks.
Board members are responsible for asking and answering questions regarding the mission, vision, and values of an organisation including:
Why do we exist?
What do we do?
What does success look like?
How do we measure success?
Who does what? What are the resources they need?
How do we behave?
In contrast, operational roles are responsible for day-to-day activities and execution based on the goals and direction set by the board.
Board roles require a distinct skill set. Unlike operational roles, board members are not individual contributors and are not responsible for execution. They are responsible for making sure the team has the resources, direction and support they need to successfully execute as well as identifying risks in a variety of areas and addressing uncertainties.
Board members empower and support the wider organisation as well as the senior executive teams.
“Diverse boards not only result in better financial performance and business outcomes but also make better decisions for the whole organisation and all its stakeholders. It’s crucial to have diversity in the board room to have an accurate representation of the world we live in and build for.” - Gokce Gizer
Some of the key takeaways from the panellists on how to become a board member:
Build relationships with the individuals inside an organisation and your extended network.
Sometimes the best way to find a position is to explicitly share with your network that you are looking for a board position.
It’s never too early to get on a board and start building your board resume. Understand that boards do not require operational detail but more governance and oversight, it’s critical to tailor your resume accordingly.
You can start by joining startup boards or with non-paid roles, such as not-for-profit or advisory groups.
Diversity is critical as organisations commit to shaping their boards in a way that better represents the world we live in. Their conscious efforts lead to an increasing number of opportunities for individuals from underrepresented groups to join boards which didn’t exist even a short time ago.
Attend board readiness and corporate governance courses from trusted organisations. As you research different programmes and trainings, reach out to past participants to understand their experience and get their feedback so you can make an informed decision.
Before taking on a board position, deepen your understand the responsibilities, commitment and practices through reports and research such as Deloitte’s Board Practices Report “Common threads across boardrooms”
About the Panellists
About Money 20/20
Money20/20 was founded in 2012 by Payments and Fintech veterans from Google, TSYS and Citi. They broke the stereotypes anchored in snoozefest business conferences and designed an unparalleled experience built for the industry, by the industry.
Since then, Money20/20 has solidified its position as the leading global stage where stories unfold and the future is shaped. It’s where the Payments, Banking, Fintech and Financial Services communities unite to create new and disruptive ways to move, manage, spend and borrow money.
We’re proud to be the premier show on the industry calendar where C-level executives, renowned speakers, innovators and disruptors from across the world drive change in the future of money. In Las Vegas, we facilitate 4 remarkable days of the right conversations, the right connections and the right discoveries which enable individuals and organizations of all sizes to achieve their goals and grow.