By Najla AlGadi, LL.M. ’17
On March 30, 2017, as part of the 11th Annual Harvard Women’s Law Association Conference, the WLA hosted a panel titled “Seats at the Table: Increasing Gender Diversity on Corporate Boards” featuring Jody Freeman, Eileen Kamerick, Tracy McKibben, Laura Stein and moderated by Hillary Sale.
With only 21% of directors at S&P 500 companies being women, Hillary Sale, Sullivan & Cromwell Visiting Professor at Harvard Law School, began the discussion with the importance of strategies to increase women’s representation on corporate boards. Professor Sale highlighted her work with DirectWomen which aims at positioning a group of exceptional senior women lawyers for service as directors of major U.S. corporations.
The panelists then shared their experiences as directors in a variety of private and public companies and offered advice to students who hope to one day find their own seat in the boardroom.
Jody Freeman, Archibald Cox Professor at Harvard Law School, started with sharing how her experience in serving on the ConocoPhillips Co. Board was “one of the best things she did after the White House” encouraging students to think about board service very early in their careers because she thinks it is not only a learning experience that is good for them strategically but also because it is interesting.
What Boards Look For
Having devoted a significant amount of her practice on board recruitment for public companies, Lee Hanson, Vice Chairman and Partner of Heidrick & Struggles, added that boards have increasingly focused their search on someone with specific expertise, certain skills, and diverse backgrounds noting that age diversity also matters especially in the tech industry. Professor Freeman agreed, adding that the emotional intelligence skills are as important when it comes to board search.
The panelists discussed how legal expertise is becoming demanded in the boards of companies operating in highly regulated industries such as the financial, energy and pharmaceutical industries. They believe that lawyers have the relevant skill set by being critical thinkers with a strategic outlook and an excellent judgement, and being “the best issue spotters in the room.”
The Only Woman on the Board
On her experience as the only woman on the board, Eileen Kamerick, who serves on the boards of Associated Banc Corp, Legg Mason, and Hochschild Mining plc, indicated that she does not have a problem with it, and in fact, uses her position to recruit more women and bring more diversity to the boards she serves on. She believes that regulations such as Sarbanes-Oxley open up opportunities for women, but only for those who have the required skills. Professor Sale agreed, adding that being “financially savvy” is valuable for both a lawyer’s practice and the board.
Getting the First Board Position
Tracy McKibben, Founder and CEO of MAC Energy Advisors, LLC, who also serves on the boards of Ecolab Inc., GlassBridge Enterprises Inc., USAA, and the New York Power Authority, shared her stories about getting on her first private board which led her to her first public board. She believes that getting a seat on the board is all about relationships, advising students to stay in contact with people with whom they worked in the past.
Having served on the boards of Franklin Resources, Inc. and Canadian National Railway, Laura Stein, the Executive Vice President – General Counsel & Corporate Affairs of the Clorox Company, stressed that not only having the network but also creating your own personal brand and reputation helps in landing a board seat.
The panelists added that having the breadth of experiences, taking advantage of interesting opportunities, and taking risks through stretch opportunities that give visibility are all helpful strategies to get on boards for the first time.
Leave a Reply