Agefi Luxembourg - octobre 2026

AGEFI Luxembourg 34 Octobre 2026 Emploi & Droit By Gabriela NGUYENGROZA, Managing Partner, Amrop Luxembourg M any accomplishedprofes­ sionals consider indepen­ dent directorship a natural next chapter: a seat at the tablewhere strategy is shaped, governance is ex­ ercised and experience canbe put to use at a different level. Yetmany of thosewho pursue this path find themselves stuck. This is not usually because they lack credi­ bility or expertise. It is because they underestimate the nature of the transition. An independent directormandate is not simply an extensionof anexecutive career. It belongs toadiffer­ entmarket,withdifferentexpectations,adifferentlan­ guage and a different form of contribution. A successfulexecutivebackgroundmayopendoors,but itdoesnotautomaticallytranslateintoboardroomrel­ evance.Theprofessionalswhostruggleareoftenthose whoassumethattheirtrackrecordwillspeakforitself. AHidden and Increasingly ProfessionalMarket One of the most persistent misconceptions about board appointments is that they happen primarily through personal networks. Networks still matter, and they always will. However, they are no longer sufficient. The selection process for independent di­ rectorshasbecomeincreasinglyprofessionalised.This isdrivenbytheneedforstrongergovernance,broader diversityandmore rigorousboardcomposition. This has changed thedynamics of themarket. Beinga for­ mer partner at a big4 or amajor lawfirm, a respected CFO, a risk expert or a wellknown industry figure does not guarantee that mandates will come. Those whocontinuetorelyonlyonreputationandinformal networks are oftendisappointed. YouAreNowa Product Themostimportantmindsetshiftisalsothemostun­ comfortableone.Whenyouentertheindependentdi­ rector market, you become a candidate on a highly specificandhighlydemandingmarket.Morespecifi­ cally,youbecomeagovernancepropositioninamar­ ket where supply and demand need tomeet. This is wheremanyseniorprofessionalsstruggle.Afteryears of successful executive careers, theyhave oftennever had to sell themselves, they have never been “theproduct”. TheirCV, title, firmor institu­ tional reputation did much of the work. As independent directors, they need to articu­ late clearly, concisely and credibly what they bring to a board. The first instinct is to default to opera­ tional achievements: revenues in­ creased, teams built, divisions restructured, regulatory projects delivered,crisesmanaged.These achievements matter, but they are not in themselves a board­ level value proposition. An audit committee chair is not ap­ pointed to redo theCFO’swork. Arisk expert is not appointed to run the risk function.Alegal ex­ pert is not appointed to replace external or internal legalcounsel.Theboard’sroleisoversight,judgement and strategic challenge, not execution. What matters is the judgement developed through experience. What have complex situations taught you? What do you understand about risk, markets, people, culture, failure or transformation that is rele­ vant around a board table? How has your career shapedthewayyouthinkaboutgovernance,account­ ability and longterm organisational resilience? That isthebasisofarealuniquevaluepropositionasanin­ dependentdirector.Itisnotabrandingexercise.Itisa selfreflection exercise, oftenwith an external help (a iNED recruitment professional, a iNEDmentor that acts as a sounding board. WhoActuallyNeedsWhat YouOffer? Defining a value proposition is only the first step. The next question is whether there is demand for it, and where. A strong governance proposition has value only if itmeets a real need in themarket being targeted. This requires an honest assessment of where one’s experience is genuinely relevant.Apro­ fessionalwithdeepregulatory transformationexpe­ rience may be highly valuable to a financial institution under supervisory pressure. Someone whohasledinternationalexpansionmayberelevant to a company entering newmarkets. A leader who has navigated restructuring, succession, digitalisa­ tion, crisis or stakeholder complexitymay bring ex­ actly the perspective a particular board lacks. Thediscipline lies in identifyingwhere experience is not merely impressive, but useful. This also means accepting that somemarkets, sectors or geographies mayhave limiteddemand for aparticular profile at a given moment. In a small market such as Luxem­ bourg, this question is particularly important. This is not about compromisingwhoyouare. It is about un­ derstanding the landscape clearly enough to identify theorganisationswhereyourexperienceandperspec­ tivewouldgenuinelyaddvalue,andthenconcentrat­ ing your energy there, rather than broadcasting broadly in the hope that something sticks. Building a target list is therefore not an administra­ tive exercise. It is a strategic positioning exercise. Which organisations are facing issues you under­ standdeeply?Whichboardsmaylackyourperspec­ tive? Who currently sits around the table? What strategic challenges are they navigating? Which chairs, nomination committees or shareholders would immediately understand the relevance of your background? AI can support this research by acceleratingmarket mapping, company intelligence and board compo­ sition analysis. But it cannot define your value proposition.ItcansummariseaCV;itcannotidentify the judgement formed through lived professional experience. That work remains deeply personal. Learning to Pitch Yourself Properly Once you knowwhat you offer andwhomay need it, you need to communicate it with precision. This is anotherpointwhere senior executivesoftenstum­ ble. They either narrate their CV, which the other party has already read or they undersell themselves ortheydescribetheirexperienceinoperationalterms that do not land at board level. There are two situa­ tions to prepare for. The first is formal: a recruitment conversation, a meeting with a chair, or an introduction through a search firm. When asked to introduce yourself, the objectiveisnottopresentyourcareerchronologically. It is to make clear what you bring to governance, why that perspective matters andwhy it is relevant to this board at thismoment. The second situation is informal: a conference, a re­ ception, a dinner or a chance conversation where someone asks what you do. In that context, the an­ swer needs to be short, specific and memorable. “I amlookingforboardmandates”doesnotcreatemo­ mentum.Amoreeffectiveanswerwouldexplainthe type of organisations you support and the gover­ nance issues on which you bring value. The differ­ ence matters. One answer is forgettable; the other opens a conversation. TheConflict of Interest Trap There is one practical risk that deserves particular at­ tention, especially for those entering their first man­ dates: the temptation to slip into a consulting role whileservingasanindependentdirector.Itoftenhap­ pens with good intentions. Anew director wants to contribute.Management recognises their expertise in risk,compliance,finance,legal,technologyoranother specialisedareaandasksforpracticalhelp.Thedirec­ tor provides input, joins operational discussions or startsadvisingmanagementmoredirectly.Itfeelsuse­ ful. Itmay even feel appreciated. The problemis that the boundary between oversight and execution has been blurred.An independent di­ rector who performs consultingstyle work for the sameorganisationriskscompromisingindependence. Theymayalsocreateconfusionaroundaccountability and liability. This is particularly sensitive because in­ dependent directors carry personal responsibility. If somethinggoeswrong, operational involvement can have serious legal and reputational consequences, evenwhen the original intentionwas simply tohelp. The role of an independent director is not todoman­ agement’swork.Itistochallenge,supportandsuper­ vise management from the appropriate governance distance.Maintainingthatboundaryispartofthedis­ cipline of the role. Shedding the Prejudices That HoldYouBack One of the most common assumptions is that inde­ pendent director roles are reserved for people ap­ proachingretirement.Thisbeliefremainssurprisingly strong. It prevents many capable professionals from even considering board mandates because they as­ sumetheyaretooyoung,toospecialisedornotyetle­ gitimate. That viewis outdated. Boards today face complex and fastmoving issues: regulatorypressure, digital transformation, geopolit­ ical uncertainty, sustainability, human capital, cyber­ security, AI, board succession and stakeholder scrutiny. These challenges require diversity. Not in terms of gender, ageor geography, nut in terms of di­ versityofthought.Thatcomesfrombackgroundand professional experience. In conclusion, for those who want to build a serious independent director career, the path requires more than availability and ambition. It requires clarity on the value one brings, discipline in identifying who needs it, confidence in articulating it andmaturity in understanding the boundary between executive ac­ tion andnonexecutive oversight. The transition from Senior Executive to Independent Director L e 12 novembre 2026, la troi­ sième éditionde cet événe­ ment incontournable dans le milieudesmatériaux composites mettra en lumière les réalisations duSustainableCompositeMate­ rials&Manufacturing Innovation Centre géré par le LIST. Lancé le 1 er janvier 2023, le Sustainable Composite Materials & Manufacturing (SCMM) Innovation Centre est né dʹun constat simple, mais déterminant. Le Luxembourg Institute of Science and Technology(LIST)disposaitdʹuneexper­ tise reconnue en matériaux composites, mais les technologies développées pei­ nent à franchir ce que les spécialistes ap­ pellent la « vallée de la mort » de lʹinnovation : le fossé crucial entre les ré­ sultatsdelarechercheetleuradoptionin­ dustrielle à grande échelle. Lʹobjectif soutenant la créationde ce cen­ tre était donc clair : pousser les technolo­ gies jusquʹaustadeoù leur valeur ajoutée devientdémontrable,et,ainsi,convaincre lʹindustrie dʹinvestir dans leur déploie­ ment. Pour cela, le SCMM couvre lʹen­ semble de la chaîne de valeur, depuis la synthèse de nouveaux polymères bio­ sourcés et recyclables jusquʹà la fabrica­ tiondeprototypes,dedémonstrateursou encore de pièces intégrables dans des véhicules réels. Car le SCMM, qui bénéficie du soutien du ministère de la Recherche et de lʹEnseignementsupérieuretduministère de lʹÉconomie, ainsi que du Fonds euro­ péendedéveloppementrégionalFEDER etdeLuxinnovation,cibleenprioritétous les types de mobilité : terrestre (automo­ bile, bus, camions, rail), aérienne (avions, drones) et spatiale, avec les matériaux composites légers et durables comme fil conducteur. « Lʹallègement est un point critique en matière de mobilité», souligne Thierry Girot,Technology&InnovationManager et SCMM Manager au LIST. «Plus un véhicule est léger, moins il consomme. Mais nous allons plus loin : nous tra­ vaillons par exemple sur la recyclabilité des matériaux pour réduire lʹempreinte carboneduvéhiculesurtoutsoncyclede vie, depuis sa production jusqu’à sa fin de vie, voire audelà ». Parmi les partenaires industriels qui col­ laborent avec le centre figurent des ac­ teurs de premier plan tels quʹAirbus, Toyota, Iveco ou encore Thales Alenia Space,auxquelssʹajoutentdesacteursna­ tionaux comme EuroComposite et Gra­ del Light Weight. En quatre ans, le SCMM a mobilisé une cinquantaine de chercheurs et ingénieurs, au sein dʹun LIST fort de 800 collaborateurs. Quatre contributionsmajeures «Untelcentreestessentielpourtransfor­ mer l’innovation née de la recherche publique en applications pour les entre­ prises, contribuant ainsi à notre compéti­ tivité et résilience et au soutien du tissu industriel national », estime Christian Tock, Chargé de direction générale adjoint à laDGIndustrie, nouvelles tech­ nologies et recherche du ministère de l’économie. Du côté de Luxinnovation, l’agence na­ tionale d’innovation, la création et le dé­ veloppementduSCMMonttoujoursété suivisdeprès.«Cetteinitiativeaapporté quatrecontributionsmajeuresàl’écosys­ tème », relève Anthony Auert, Business Relationship Management chez Luxin­ novation : Accélération technologique — « Le centre a permis de faire progresser des technologies composites jusqu’au stade démonstrateur, ce qui est essentiel pour convaincre les industriels d’investir. » Structuration d’un écosystème na­ tional — « Le SCMM a fédéré des ac­ teurs industriels luxembourgeois et internationaux, ce qui est une réelle va­ leur ajoutée à lʹinnovation. » Renforcement de la souveraineté in­ dustrielle —«Lesmatériauxcomposites légers, recyclables et performants sont stratégiques pour la mobilité, la défense etlespatial.LeLuxembourgsepositionne désormais comme un territoire capable de contribuer à ces chaînes de valeur. » Visibilitéinternationale —«L’implica­ tion d’acteurs comme Airbus, Toyota, IvecoouThalesAleniaSpacemontreque le Luxembourg est un acteur à part en­ tière dans le domaine des composites. » «PourLuxinnovation,c’estexactementle type de dynamique que nous cherchons à créer: réduire le risque, accélérer l’inno­ vation et connecter les entreprises aux bons partenaires », résumeM.Auert. SCMMIndustryDay : un rendezvous à ne pasmanquer Pour soutenir sonaction, le SCMMorga­ nise, depuis sa création, un rendezvous annuel, devenu incontournable dans la Granderégion,voireaudelà.Ilrassemble enmêmetempsleschercheurs,lesindus­ triel et les décideurs politiques. «Nous avons besoin de ces trois piliers pour dé­ velopperlesmatériauxcompositesdefu­ turegénération,avecunaccentparticulier sur le volet industriel, car c’est là, in fine, que les technologies se concrétisent», in­ diqueM . Girot. En 2025, le SCMM Industry Day a accueilli une centaine d’entreprises venues de 13 pays. L’édition 2026, qui se déroulera le 12 novembre à l’European Convention Center Luxembourg, s’ins­ crira dans la continuité, avec un élément contextuel majeur : elle intervient alors queseterminelapremièrephasedemise en place des capacités du Sustainable Composite Materials & Manufacturing InnovationCentre. Cetévénementvadoncdonnerl’occasion au SCMM de présenter toutes les tech­ nologies développées, les démonstra­ teurs, mais aussi mettre en lumière les partenaires industriels et montrer com­ ment il est enmesure de favoriser la col­ laboration et l’élaboration de ponts entre la recherche et lʹindustrie. Outre laprésenced’experts et industriels internationaux, un « Tech village » ras­ semblera dans un showroom géant des innovations autour des matériaux composites, parmi lesquels des réser­ voirs à hydrogène recyclables, des matériaux de cabine dʹavion recycla­ bles ou encore une nouvelle génération de panneaux satellites. Retrouvez chaque mois, dans AGEFI Luxembourg, une actualité dans le domaine de l’innovation proposée par Luxinnovation. Les matériaux composites à l’honneur au SCMM Industry Day 2026 Le SCMMIndustryDay rassemble enmême temps les chercheurs, les industriel et les décideurs politiques. En 2025, il a accueilli une centaine d’entreprises venues de 13 pays ©LIST Innovation