Board succession is all about integrated thinking, foresight, and decision-making rationale.
It is common practice for the governance committee to develop and maintain a matrix that outlines the skills, age, length of service, and background of each sitting director.
A forward-thinking board looks at the next five to ten years and defines skills, experiences and overall professional backgrounds that will help build competitive advantage for the company. This matrix can then be used to inform the board’s decisions regarding recruitment of new board members who will add real value at the top of the house.
When considering board recruitment, how can the board think in “new boxes?” What questions could directors ask that would embrace 21st-century issues and advance recruitment efforts beyond the typical skills matrix for new candidates? Here are a couple of questions to start the conversation:
- Have we invited long-term shareholders to contribute board candidates to our recruitment list?
- Do we have a diversity plan that includes a multi-gender, multi-talented, multi-ethnic, multi-generational, and multi-national focus?
What questions would you add to the list? Leave a comment below and share your thoughts.
Tracy Houston
Tracy E. Houston, M.A., is the president of Board Resources Services, LLC. She is a refined specialist in board consulting and executive coaching with a heartfelt passion for rethinking performance, teams and the boardroom. Her company, Board Resource Services, LLC, is online at www.eboardmember.com and www.eboardguru.com. You can follow Tracy on Twitter @BoardGuru. Headquartered in the Denver, Colorado area, Tracy is an avid hiker.
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