Mentoring for Diversity Programme fosters Good Governance

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Wellington, June 29, 2018

“The world is changing in terms of careers and how to move into directorships,” says Suneil Connor, a Director who recently completed the Institute of Director’s ‘Mentoring for Diversity Programme.’

Challenging Career

Mr Connor sits on three boards as well as being the Chief Financial Officer at LINK, a global brokerage firm.

It is a challenge that keeps him busy, but he remains focused on his future goal of making the step from director on not-for-profit organisations to being on the NZX or large company board.

Along with 23 other mentees from the 2017 year, he attended a ceremony in Auckland at KPMG on Monday, June 25, 2018 to celebrate the completion of the Programme.

Since 2012, ‘Mentoring for Diversity’ has paired 154 mentees with Chairs and Senior Directors from listed and large company boards.

Expanding Scope

The Programme was initially established to address the low number of women on NZX boards – current figures sit at 19% – but in 2015, the Programme grew to incorporate a wider definition of diversity across age, ethnicity and skill set.

NZX move on Diversity

Last year, the NZX changed its Corporate Governance Code to require listed companies to publish a diversity policy and assess their progress against these objectives each year, or report on why they were not providing this information.

These changes should impact on the diversity of NZX boards over time, but ‘Mentoring for Diversity’ works to strengthen the board-ready pool of candidates.

“There is no other programme that I have seen like the ‘Mentoring for Diversity. It is an opportunity to learn from the best,” Mr Connor said.

For Mr Connor, the “best” includes the mentees and the opportunity to meet and network with people at a similar stage in their career. Mentees are experienced directors and senior executives, and the competition is fierce for placement.

The 2018 intake saw 76 people compete for just 20 places.

Flow-on benefits

Institute of Directors CEO Kirsten Patterson said that encouraging diversity has flow-on benefits for organisations.

“Research shows that having diversity on boards drives long-term shareholder value through creating inclusive organisations that are more innovative,” she said.

Ms Patterson was referring to a research from the ‘Centre for Talent Innovation’ in the US that showed companies that prioritise diversity in leadership are 45% more likely to have grown in market share in the last 12 months and 70% more likely to have captured a new market.

This is because, the more diverse an organisation is, the more likely different perspectives are to be heard, and it is this contribution of ideas that leads to more innovation.

Changing demographics

“Diverse boards will become important as we move into the future and negotiate changing demographics in cities like Auckland,” Ms Patterson said.

“When we drop our preconceptions of what talent looks like, we are more likely to recognise it and celebrate it. And it is clear from the level of generous support from mentors since the programme began that this is a view that many of New Zealand’s senior directors share as they build their organisations for the future,” she said.

Paula Jackson also completed the Programme this year.

She is an accomplished Director, sitting as Director of ‘Quotable Value,’ and a Trustee of ‘The Greater Wellington Trust,’ which puts on events such as ‘Visa Wellington on a Plate’ and ‘Beervana.’

Changing roles

Ms Jackson is an expert in digital disruption, and is representative of how the path to being a director is no longer solely the domain of traditional disciplines like accountants and lawyers as boards seek to recruit talent who can help them navigate these changes.

She said that the Programme has changed her approach to governance.

“I think it has given me more confidence in what I have to offer. The only thing that will be holding me back will be myself. It is not easy, it is not a matter of sitting back and waiting for someone to knock on your door, you have to be proactive.”

Twenty new mentees have been accepted into this year’s intake.

For more information, please visit www.iod.org.nz/Membership/Mentoring-for-Diversity.

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Photo Caption:

Suneil Connor

(Picture Supplied)