The secret of joining a board: Speak up!
Interview with Lisa Rojas Bacus - President & CEO, Oro Vista Ventures LLC
1. How did your journey as a Board Trustee/ Director begin?
LRB: I started my board journey on a non-profit board. I learned much about the governance process and the role of a director. I also learned from engaging with other board members who were executives from different industries.
I joined my first private company board 12 years ago. A board member from my former company invited me to join the board of his family-owned company, Culver’s Franchising Systems.
A few years later, an executive search firm contacted me when I was CMO and CCO of Cigna. I joined my first public company board, Teradata (TDC). As you might expect, it was a very different board experience from a private company board.
When I retired as an executive three years ago, a former colleague contacted me for a seat at Selective Insurance Group, Inc. (SIGI). I joined the board in 2020. Through my Women Corporate Directors (WCD) network, I was introduced to and joined Douglas Dynamics (PLOW) board in 2020.
It has been rewarding and an honor to serve on the boards of these great companies, acting in the best interests of shareholders and other key stakeholders.
2. How different/challenging is the role of a Corporate Director, as opposed to a C-suite executive?
LRB: The roles are quite different, but you draw upon the experiences of both to support the other position. Board service has allowed me the privilege of contributing based on my experiences as an executive and learning from my fellow board directors.
Each board has a diverse slate of experienced, talented, and knowledgeable directors. I feel privileged to be in their company.
As a c-level executive, serving on boards helped me when I interacted with our board. I became more aware of what the board needed from my interactions as an executive with them. It helped me focus on being effective and efficient with those interactions.
The role of a board director carries a huge responsibility, as you represent the company’s shareholders/owners. So, I don’t take lightly the need to come prepared and actively engage in the meetings.
3. What have been some of the challenges you have faced as a female Latina advancing in corporate America?
LRB: I am grateful to have been a part of great companies that valued diverse thinking.
I’m also proud of the boards on which I serve. They are committed to diversity and recruit diverse directors to their boards.
At Selective Insurance, for example, the most recent board director placements included two African American leaders and a Hispanic female. The board is 35% diverse, and both the board and the CEO, who is the chairperson of the board, are committed to advancing our diversity efforts. Clearly, the board and the senior leaders understand —and value— diverse perspectives on the board and in the company. And it’s a testament to diversity to hear the words, “hmm, I hadn’t thought about it that way,” during board discussions.
4. In your opinion, which should be the top priorities for a corporate Trustee/Director to maximize efficiency and support the Board/Company?
LRB: For most company boards, the role of the director is to represent the shareholders/owners. The growth agenda is a key priority. Board directors supervise business strategy development. They must ensure that the right leaders are in place to execute it.
The board is also increasingly focused on evolving priorities, such as ESG and cybersecurity efforts, providing input and oversight as appropriate.
5. What would be your advice for the next generations of Latinos wanting to advance onto corporate seats?
LRB: Get board ready. Reach out to your network, share your board aspirations, and ask for guidance and support.
Be clear about the type of board you are interested in and ask for consideration in an opportunity they think would be a good fit for you.
It may also be helpful to participate in organizations and programs where you can learn more about the role of a board director programs. Some of these are the National Association of Corporate Directors (NACD), Latino Corporate Directors Association (LCDA), and 50/50 Women on Boards. Each provides excellent learning and networking opportunities. They also have local chapters that might allow you to engage more actively. **
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Pie de foto: Each board has a diverse slate of experienced, talented, and knowledgeable directors.
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Reach out to your network, share your board aspirations, and ask for guidance and support.