Reed Hastings argues board members lack daily context to add value with advice. Their true function is to be an "insurance layer," with their most crucial responsibility being the decision to replace the CEO if needed. They must learn the business not to advise, but to be prepared for that moment.

To succeed on an executive board, you must shed your functional hat. While you bring expertise from your area (e.g., marketing), your primary responsibility is to consider the health and growth of the entire company. A 'total company' perspective is essential for credibility and impact at this level.

Under Delaware's "Revlon doctrine," if your company is for sale, the board's fiduciary duty shifts. They are no longer guardians of the company's mission but are legally required to act as "auctioneers" to get the highest possible price for shareholders.

The structure of public company boards often fails to align with shareholder interests. Directors are highly compensated regardless of performance and often lack significant personal investment, creating a culture of complacency where they act as a rubber stamp for management rather than a check on power.

A board member's role is to provide outside perspective to help a CEO think through a problem, not to make the decision. CEOs who ask 'what should we do?' risk abdicating responsibility to someone who lacks the deep operational context to make the right call. This can be destructive to a CEO's development.

According to Snap's Chairman Michael Lynton, a board chair's biggest mistakes are not operational but governmental. Their key role is to manage the board itself—by ensuring the right questions are asked of management and, crucially, by preventing individual board members from meddling in company operations.

Executives often interview by recounting past achievements, a "rear-view mirror" approach. To win a board seat, candidates must adopt a forward-looking governance mindset. This involves asking thought-provoking strategic questions about the future, demonstrating they can operate as a peer from day one.

"What's top of mind?" has become a generic trope that elicits canned answers. To get to the real drivers, ask spicier, more specific questions that uncover underlying pressures. Try asking, "Tell me what the board is pushing you on," because every executive has a boss and is dealing with external pressures.

The most valuable board directors go beyond fiduciary oversight and serve as a confidential peer and sounding board for the CEO. This relationship is crucial in a role that often lacks internal peers for strategic counsel.