The best board advice? Don’t rush in. Inside the boardroom for fintech directors

Inside the boardroom: Peter Oakes on due diligence, diversity and the power of a continuous learning (published 20 February 2025)

Many thanks Caroline Kinsella of the Institute of Directors Ireland for the opportunity to provide some personal insights on the role of an Independent Non-Executive Director in the Irish Times. And thanks to Caroline Spillane for her kind words in her post yesterday when Caroline circulated the article.

Experienced fintech and financial services board director Peter Oakes advises non-executive directors (NEDs) to be selective when considering board appointments. “Quite an amount of due diligence needs to be done on the company first,” he says. “If you think you are just joining a club, you’re better off not doing it. If you take on risks you don’t understand you can end up in the papers for all the wrong reasons. You must make sure it’s the right fit for you and that you have something to offer the company or the market it operates in, something they don’t already have on the board. You should add to the diversity of experience and thought on the board.”
A long-time member of the Institute of Directors (IoD) Ireland and founder of industry representative body Fintech Ireland, Oakes is currently a non-executive director of several regulated fintech and financial services firms while also providing expert advice regulatory compliance to clients in those industries. “IoD membership has been invaluable throughout my career,” Oakes shares. “It provides access to crucial resources, networks, and educational programmes that keep me at the top of my game, especially when it comes to governance and regulatory knowledge. Before accepting any board position, I always ensure that I am equipped with the right skills and insights to add meaningful value.”
He recalls one of the first offers he received to join a board. “I was about to join it, but I couldn’t get my head around some important aspects of its business model and what the duties and function of an independent non-executive director (INED) on its board would be, so I turned down the opportunity. A couple of years later, the company ended up in trouble with the regulator. The best advice is not to rush into it. If you find you have accepted every directorship offered, that should be a warning bell.”

And I highly recommend joining the Institute of Directors in Ireland if you are serious about joining a board.

Continue reading at the sources below. 

Sources:

​Irish Times - https://www.irishtimes.com/advertising-feature/2025/02/19/the-best-board-advice-dont-rush-in/

Institute of Directors Members' Profiles - https://www.iodireland.ie/membership/member-profiles/peter-oakes-member-profile