Wayne Budd, a lawyer with 55 years of experience, discusses his journey to serving on corporate boards. Despite not having a strong educational pedigree, Budd gained valuable experience through bar associations, college trusteeships, and smaller company boards. These experiences, along with his government service, made him an attractive candidate for major corporate boards like Bank of Boston, John Hancock, and McKesson Corporation, even though he often lacked specific industry expertise.
Budd emphasizes the importance of thoughtfulness, respect, and listening skills in the boardroom. He notes that as a minority, one must be aware of being judged differently and strive to demonstrate value without being disruptive. Building alliances, both in and out of the boardroom, is crucial for effecting change. Budd also highlights the significance of diversity on boards, as diverse perspectives can provide valuable insights and help companies better serve their customers and stakeholders.
Looking forward, Budd is not optimistic about a significant increase in racial diversity on corporate boards in the next five years, citing a shift in focus towards gender diversity. He believes that creating more prominent Black directors will require purposeful mentorship and ensuring that talented individuals are given the right opportunities and exposure. Budd encourages aspiring board members to leverage their unique skills and experiences, even if they don’t have direct industry expertise, and to actively seek guidance from those with board experience to broaden their perception and increase their visibility as potential candidates.
