Board member, company

What does a board member do in a company? – Tasks and work environment

A board member in a company has overall responsibility for participating in the governance and control of the company's operations. Tasks include making decisions about the company's strategy, monitoring business development, ensuring compliance with laws and regulations, and working on risk management and long-term planning. The board member also contributes expertise in areas such as finance, law, or industry-specific issues depending on the company's needs. The work is often conducted through regular board meetings and requires a high level of integrity, analytical ability, and strategic thinking. The work environment is typically office-based, but the workload can vary depending on the company's size and complexity.

Salary development over time

The profession of a board member in a company has shown a clear salary increase over the past three years. In 2022, the average salary was 52,700 SEK, which increased to 53 200 SEK in 2023 and further to 56 900 SEK in 2024. This corresponds to a total increase of approximately 8% during the period, with the largest increase occurring between 2023 and 2024. The salary development can mainly be linked to increased demand for board competence, higher requirements for business governance, and a greater focus on sustainability and digitalization within the business sector. The market's need for experienced decision-makers and increased complexity in corporate governance have also contributed to pushing up salary levels for this profession.

Board member, company salary – comprehensive overview

• Average salary: 56 900 SEK/month
• Lowest salary: 41,400 SEK/month (female, private employee, pre-secondary education)
• Highest salary: 66,000 SEK/month (male, private employee, three-year secondary education)
• Hourly wage: 342 SEK/hour
• Gender differences: Women earn 86% of what men do (men: 61 800 SEK, women: 53 300 SEK)
• Regional differences: Data missing

Education and qualifications

To become a board member in a company, an academic degree in economics, law, or management is usually required, often supplemented with extensive work experience. Formal requirements vary depending on the size and industry of the company, but board work is largely based on trust, leadership ability, and relevant industry knowledge. A strong network and documented experience in business development or corporate management are often crucial for being considered for the role.

• University or college degree: For example, economist, lawyer, or engineer (3–5 years)
• Shorter courses and certifications: For example, in corporate governance, management, or leadership
• Experience: Several years of work experience in a leadership position
• Network: Strong industry contacts and recommendations
• Prerequisites: Good understanding of economics, business development, and law

Common benefits and compensations

In addition to the base salary, board members often receive compensation in the form of fees per meeting, bonuses upon achieving targets, and sometimes access to stock options or other incentive programs. Other common benefits include training, travel, and opportunities for professional development through networks and conferences.

Competition and challenges

The job market for board members is characterized by fierce competition, especially for leading companies and larger corporations. Demand is stable, but the number of positions is limited, making the recruitment process often long and based on both competence and personal networks. Challenges in the role can include managing complex conflicts of interest, making difficult decisions under time pressure, and staying updated on legislation and industry trends. Additionally, the ability to collaborate with people from diverse backgrounds and perspectives is essential.

Tips for those who want to become a board member in a company

To succeed as a board member, it is good to combine analytical ability with strong integrity and good cooperation skills. Building a broad network and actively participating in industry organizations increases the chances of being nominated for board assignments. It is also recommended to continuously further educate oneself in corporate governance and leadership, and to gather experience from various leadership roles. Demonstrating engagement and business acumen in every assignment can lead to more recommendations. Flexibility and openness to new perspectives are crucial as the business climate evolves.

Key facts about a board member in a company

• Average salary: 56 900 SEK/month
• Gender difference: Women earn 86% of men's salaries
• Education level: University education and extensive work experience are required
• Work form: Remunerated, often combined with other roles
• Job openings in the profession: 758 current positions

Career paths and future prospects

After three to five years as a board member, career development can lead to more senior board roles in larger companies, the role of chairman, or consulting within corporate governance. Some choose to specialize in specific industries or work internationally. According to the Swedish Public Employment Service's forecast, the future outlook is stable with moderate opportunities for employment and an expected unchanged demand over the next five years. Currently, there are 758 available jobs in the profession of other economists, indicating ongoing demand for competent board professionals.

Frequently asked questions about board members in companies

• What does a board member earn in a company?
  - The average salary is 56 900 SEK per month, but it varies depending on experience, gender, and type of company.
• What education is required to become a board member?
  - An academic degree in economics, law, or management, along with extensive professional experience, is usually required.
• What are the gender differences in salaries for board members?
  - Women earn on average 86% of what men do in the profession.
• Are there many job openings for board members?
  - There are 758 available positions according to the latest statistics.
• What are the most common benefits for board members?
  - Common benefits include fees, bonuses, stock options, and opportunities for professional development.
• What are the future prospects for the profession?
  - The outlook is stable with moderate opportunities for employment and unchanged demand over the next five years.
• What is the highest and lowest salary for a board member?
  - The highest reported salary is 66,000 SEK and the lowest is 41,400 SEK per month.