Board of Directors Selection

Boards tend to recruit directors that are similar minded rather than looking for diverse background to enrich the discussion beyond its current level and open the eyes of the current board to new possibilities. This seems obvious, right? Then why don’t all boards apply this rational approach?

Board of directors need to ensure that their selection process puts value for the following skills when searching for directors:

⦁ Finance, analysis and audit

⦁ Strategy planning & organizational development

⦁ Governance

⦁ Operational excellence

It is prudent for boards to select independent directors to ensure that it carries its fiduciary responsibilities to its fullest.