Should I accept this board position?

There are many valid reasons for accepting a board position − desire to add value, to broaden your skills and experience, to further develop networks, remuneration. But remember a board position brings with it personal responsibility and risk. Don’t be swayed by loyalty, status, prestige or wanting to keep a ‘finger in the pie’ after retirement, without doing a thorough assessment of the risks involved.

You need to assess whether you have the right skills and experience to complement other directors on the board and to take the organisation forward with its strategic plan.

Ascertain the commitment from the chair before committing.

You need to assess whether you have the independence necessary to make clear, impartial decisions, unhampered by present involvements that would interfere with you acting in the best interests of the organisation.

• not just the financial statements for the last three years but be satisfied about their accuracy and the reasons for any peculiarities.

• The boards vision and strategy, the leadership of the chair, the skills of the existing directors, the effectiveness of operations.

• Skills and experience of the CEO and senior management, the relationship between the chair and CEO, the reputation of the company, the quality of the company’s risk management.

• Ensure the company’s constitution allows it to idemnify or insure director’s liability, company policy on paying premiums, desirability for extra cover.