When it comes time to fill an open spot on the board of directors, it’s far too easy—and far too common—for directors to fall into the trap of short-term planning and “who do we know” candidate identification.
In recent years, companies have improved with regard to thoughtfully identifying and recruiting senior leaders who are best positioned for long-term success in the organization. Now, the same transition is taking place in the boardroom. Director searches now often involve a candid analysis of the board’s current composition, identifying future needs and developing a long-term strategy for board recruitment.
Boards that have successfully managed the refreshment process typically start with a board composition analysis, a strategic planning process that is comprised of four primary activities led by the Nominating and Governance Committee (NomCo):