“Just because you’re a strong Exec doesn’t mean you’ll be a strong Non-Exec. Bring your skills, but adapt your approach.”
That was one of the most powerful insights shared at our recent CFO to Non Executive Director dinner.
Designed for finance leaders exploring the CFO to Non Executive Director transition, the evening brought together CFOs from across the sector for a candid and insightful conversation – led by our guest speaker, Graeme Bissett (former Finance Director at Kwik Fit and an experienced NED across multiple sectors).
Here are some of the standout takeaways from the evening:
What does a Non-Exec actually do?
Unlike operational executive roles, NEDs provide strategic oversight, ensure governance, and act as sounding boards for senior leadership, particularly in times of growth or transition.
Key responsibilities include:
- Supporting strong management and challenging when necessary
- Cutting through complexity to stay focused on what matters
- Guiding, rather than steering, major strategic decisions like IPOs or exits
- Holding the business to account through good governance
What skills are essential for Non Executive success?
While many skills transfer from executive leadership roles, succeeding as a NED requires a shift in mindset and style. The ability to lead without managing is central.
Essential skills include:
- Influencing
- A strategic mindset : seeing the wider picture and asking the right questions
- Sound judgment : balancing support with challenge
- Financial fluency : particularly when evaluating strategy and risk
- Governance and regulatory awareness
- Emotional intelligence : building trust, reading dynamics, and staying objective
- Adaptability : every board and business is different
Pitfalls to avoid when building a CFO to Non Executive Director portfolio
Moving into portfolio roles comes with its own risks and learning curves. Some important things to watch out for include:
- Underestimating the time commitment – “Triple what it says on paper”
- Failing to do proper due diligence on the team or culture
- Jumping into roles without assessing strategic fit or business risk
- Overlooking how hands-on the role may be, particularly in smaller businesses
And perhaps most importantly:
“Never work with chancers.” Do your homework on who you’ll be sitting around the table with – culture and trust matter.
Other reflections from the evening
- Pro bono roles can be personally very rewarding and can help you develop as a non-exec in a paid portfolio.
- Boards must be prepared to engage with AI as a core strategic issue, even if they don’t fully understand it yet
- The role of the Chair is critical, particularly in board development and informal mentoring
- Board evaluations should be standard practice, even in earlier-stage companies
The power of community and shared experience
It was an energising evening, rich in honest conversation and peer learning. Events like this remind us how valuable it is to step out of day-to-day leadership and reflect on what’s next.
At iMultiply, we’re committed to supporting finance leaders at every stage of their career, including those beginning to look, with curiosity, at the CFO to Non Executive Director journey.
If you’re a finance leader exploring your next step, we’d love to welcome you to a future CFO to Non Executive Director event – have a look at out upcoming events.
