Al Osborne’s first board position was with the Times Mirror Company, which he joined in 1980. He was referred by the company’s chairman, who was looking for someone with Osborne’s credentials and background. Osborne’s subsequent board seats also came through referrals based on relationships he had built through his work as a professor and in Washington D.C.
He notes that getting on boards is often about “who you know” and being noticed for your skills and experience. Osborne believes academics can be effective board members because they are skilled at reading and analyzing information. He contributed to board discussions on strategy and acquisitions based on his expertise in economics and finance. To be an effective board member, Osborne recommends identifying a mentor, actively participating in meetings, thoroughly preparing for meetings, and taking on leadership roles like board committee chairs when possible. Building consensus is also key.
On the topic of diversity, Osborne believes cognitive diversity is important in order to get a variety of perspectives and experiences in the boardroom. He has focused on this in his board service. While golf can help board members develop relationships outside of meetings, activities will vary based on the company/industry culture.
Looking ahead, Osborne hopes black board representation will continue to increase but may be stalled as diversity efforts expand to include women, Hispanics, and foreigners. He believes communicating the business merits of diversity and inclusion are important, along with some regulatory pushes. Change will also come from younger generations that value diversity. For aspiring directors, Osborne suggests figuring out how to get noticed and focusing on board opportunities beyond the Fortune 500.
