Roger Ferguson has served on several public company boards that came through executive search firms or referrals from people who knew him and suggested him as a good candidate. He looks for boards of companies in important, technology-oriented industries where he can contribute his expertise in areas like regulation, risk management, and financial services. He also wants to learn from world-class directors on the boards he joins.
Regarding being the first or only black director, Ferguson aims to bring that perspective on how initiatives look from a diverse viewpoint, but doesn’t want to be pigeonholed – he wants to weigh in knowledgeably on many issues. He balances listening and talking in the boardroom by recognizing each director was selected for their expertise and no one has superior skills across the board. He observes how skilled chairs phrase comments as questions. As a new director, one may feel imposter syndrome but should focus on the skills and experience that got them selected.
Ferguson believes business leaders now see diversity, equity and inclusion as benefiting shareholder value through better decisions, so black board representation will stay steady or increase slightly. Reasonable accountability via transparency and disclosure drives progress but mandates and quotas go too far. Aspiring directors should clarify and communicate their professional spike and lane. Gaining visibility in one’s area of expertise is key so you come to mind when a board has a gap.
