Anyone doing any paid Board directorships?

[Scuba]

My husband and I RE'd in November. I was previously a C-level exec. I enjoyed my career but very much wanted to RE and was thrilled to be able to do so at age 56. So far I've been busy and quite happy with social time with friends, family visits, and volunteering at a local university. Prior to RE, I thought I wanted to secure a Board seat or two in order to stay intellectually challenged and connected with the business community. Now I'm not so sure for a few reasons: (1) Takes a lot of effort to get a Board position. (2) I live in So CA so commuting to meetings will be a huge pain. (3) Feels like w*rk and while supplemental income is a nicety, we don't need it to fund our lifestyle. (4) We have travel plans (leaving for 3 month trip in a couple of months). While I could do conference calls from the road, it wouldn't be convenient.

I'd be interested to hear from other former senior management executives as to whether you serve on Boards and if so, what you like and don't like about doing so. Do you think I should put in the effort needed to secure a Board seat while fresh off my career, or do you think I should avoid anything resembling w*rk until/unless I get to the point of missing being in the business world? Thanks for your insights!

 

[rodi]

I have only done unpaid board positions for underfunded 501c3's.... Lots of work, no pay. But someone needed to do it.

 

[RunningBum]

A friend of mine is on the board of a fairly significant and visible global corporation. He seems to like keeping his hand in things. He has to fly overseas once a quarter for a board meeting. Not sure if he has regular conference calls or just as the need arises but he does do some work and research outside of the board meetings. He's told me a few stories, and the nature of the work sometimes makes the headlines.


IMO if you're happy with what you're doing, don't bother, but if you feel like something is missing, go ahead. Personally, I wouldn't do it because I'm more of a hands-on do-er, rather than a decision maker, so I'd be way out of my element.


I don't think he took much of a gap between retirement and the board position, and may have even been on the board before he ER'd. He's able to plan a lot of recreation and trips around it, so it's nothing close to being like full time job.

 

[Danmar]

Similar background to you. Have been retired 10 years. Have not persued paying board positions because 1) We like the freedom of not having to schedule our time based on someone else's requirements. 2)We have multiple homes and wouldn't want the extra travel required for "work". 3) meeting prep would likely be tedious but certainly necessary 4)the intellectual challenge might be a good thing but don't feel bored or unchallenged as it is now 5)don't need the money.

Currently serving in a not for profit board, and sometimes this feels like "work" but still mostly fun.

 

[kcowan]

I did it for 3 years after RE. Decided it was not worth it. Many of the reasons are already stated. In my case, staying current in the industry was the biggest challenge now that my life priorities were changed.

 

[Dd852]

I found looking for a board position too much like applying for a job! The idea of a board seat always appealed to me - but the reality of the process turned me off.

 

[Scuba]

Thank you for these responses. Another reason I'm leaning against aggressively pursuing Board seats is that it seems kind of like "more of the same" vs really taking a new direction. RE seems like a great opportunity to reinvent myself and spending a lot of time seeking a Board position or two, and then doing the w*rk involved seems counter to a full "reinvention."

 

[Dd852]

Don't forget, also, that there's real fiduciary responsibility and liability attached to board positions - not something you can treat lightly

 

[kcowan]

Don't forget, also, that there's real fiduciary responsibility and liability attached to board positions - not something you can treat lightly

Yes ask them what their D&O Liability insurance coverage is! Often each director is personally liable for any unpaid taxes.

I got contacted 5 years after resigning from the Board. I had the proof fortunately.

 

[Danmar]

Thank you for these responses. Another reason I'm leaning against aggressively pursuing Board seats is that it seems kind of like "more of the same" vs really taking a new direction. RE seems like a great opportunity to reinvent myself and spending a lot of time seeking a Board position or two, and then doing the w*rk involved seems counter to a full "reinvention."

Good point. When working, a big part of my responsibility was supporting the Board and Audit Committee. If I had joined a board it would have been more of this, albeit from the other side. Didn't appeal to me.