Maathu Ranjan: Why governance capability is a career advantage

Corporate governance is changing. 

Non-executive board director roles were once the exclusive territory of late-career professionals; however, an emerging generation of mid-career directors is transforming high-performing boards across Australia.

Meet Maathumai Ranjan, a 30-something board leader who's about to become council president of a significant 125-year-old member organisation in Australia. Here, she shares her journey so far.

Ranjan is an actuary with experience in the disability, health and general insurance sectors. She's a researcher and a leader in the Australian Public Service, having been awarded the Australian National University's prestigious Sir Roland Wilson scholarship to conduct doctoral research at its Crawford School of Public Policy. There, she's undertaking research into the welfare implications of government policy around disability support.

She serves as senior vice president of the Actuaries Institute of Australia, the peak body for the profession, and will become president next year. Until then, she will act as an observer to the board of the Australian Institute of Company Directors (AICD), as one of the organisation's observership scholarship recipients.
Maathumai Ranjan, senior vice-president, Council of the Actuaries Institute of Australia

As a mid-career professional, governance positions weren't necessarily at the forefront of Ranjan's career goals; however, the experience, so far, is raising her aspirations.

"Getting into governance has been about making impact or creating impact at scale," she says. "As an actuary and researcher, I generate insights and information that informs decision making. Boards are often where those decisions are being made, and they shape institutions, their visions and the community around them, and often have an impact that lasts decades."

While Ranjan's first taste of governance came from a not-for-profit multicultural theatre organisation she launched post-university, the prospect of a board career became a serious endeavour, with the Actuaries Institute in 2023.

"I was approached because the council wanted a diversity of voices at the table. Not just in terms of demographic profile, but in terms of experience," she says.  

"Fifty per cent of the Actuaries Institute membership is under 35, while a lot of the council directors are towards the end of their careers. As someone who's still got half of my career ahead of me, the point of view I bring to that board is very different."

Through her board experience and actively seeking mentorship, Ranjan began to see governance not just as a service or method to give back to her professional community, but as a genuine professional pathway. For this reason, she undertook a qualification with the AICD.

"I completed the AICD  Foundations of Directorship™  course and it was at the start of my governance journey," she says. "It made sense to do the course to properly understand the distinction between governance and management, particularly the duties, responsibilities and fiduciary obligations of directors.

"As an actuary, I'm trained to analyse and provide independent advice. For me, it was important to understand what motivates boards to think the way they do. What must they prioritise? And how do they discharge their duties and obligations? The Foundations of Directorship course was great for clarifying that, plus connecting me to a network of peers on a similar pathway."

The AICD has provided governance education to more than 100,000 participants from all over Australia over the past 50 years. For Ranjan, the course emphasised the gravity and importance of director decisions, while also elevating her approach to her everyday career.

"One of the biggest things that I took away from the course was sharpening how I deliver the insights in my day job so that they're board relevant," she says. "It made me think from the perspective, 'What do directors care about?'".

Specifically, Ranjan now shares insights through a lens that pre-empts questions and frames risk in a manner for strategic discussion.

To underpin her forthcoming position as President of the Actuaries Institute, Ranjan plans to complete the AICD  Company Directors Course™ , a five-day intensive course and sought-after board qualification.

"I think governance itself is a craft," she says. "If you're serious about contributing at a board level, it's worth investing in formal governance education. I'm doing it because I want it to accelerate my understanding of what my duties are, what is risk oversight, how to build good culture and how to steward strategy. Governance education gives you language, frameworks and the confidence that you should be at the table."

As for others mid-career and contemplating the potential for career progression in governance, Ranjan's message is simple.

This article was paid for and presented by the Australian Institute of Company Directors (AICD) and originally published by BBC Storyworks. Read the original here.