Thinking of becoming a Director? Think before you leap!

Posted by Kathryn Maybury on Tuesday, 22 May 2018

A post by Kathryn Maybury | Managing Director | KOMSEC Limited | Company Secretarial Services | Corporate Governance | Compliance |

Tel: +353 (0) 1 2107595 Email: kmaybury@komsec.ie

 

Thinking of becoming a Director?

Think before you leap!

Who thinks about becoming a Director

Running your own business may leave you without any choice but, to become a Director. For some it is perceived as a gentle wind-down towards retirement. For others it is a way of giving something back perhaps by becoming a Director of a State Board. Everyone has their own individual reasons on why they may wish to become a Director but, ensuring each person has the ability to integrate the additional time commitments into their existing business or personal lifestyle is an essential first step.

What do you hope to achieve by becoming a Director?

Becoming a Director is no longer the sinecure it once was as Legislators (in Ireland and EU) aim to increase the personal liability of individual Directors, and companies themselves recognise the value of a good Board, and achieving sound corporate governance. Wanting to become a Director in the expectation of a relatively benign wind-down at retirement is a non-starter.

A prospective Director should question their motives, and abilities before going further.

• Are you willing to take on the onerous personal responsibilities, and obligations of a director?
• Do you have the relevant skill set, and if not, are you willing to upskill or train as required?
• Can you envisage yourself as an active member of a Board?
• Do you know anyone currently acting as a Director who could give you a portrayal of how they find the role in real life?

Why bother?

Acting as a Director will invariably include moments of frustration and irritation but, so does anything in life, including life! Learning about a company from the inside out, making a positive impact on the dynamics of a company, interacting with your peers, the satisfaction of working with a well-balanced Board, and enthusiastic Management Team can make it all worthwhile.

Get it right and you will feel a million dollars knowing you are making a real and positive difference to a company, and its future. How many of us get such an opportunity to have such a tangible effect in the business world today?

Are you up to take such a leap?

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