In "Finding the Right Fit: Assessing First-Time Candidates for Non-Executive Directors," Spencer Stuart suggests a framework Nominating Committees may consider to identify and evaluate prospective new directors. The insights are particularly timely given the intensified focus on board refreshment and diversity, which is generating candidates who, while seasoned professionally, are - in many cases - vying for their first board seat.
Notably, in addition to specific knowledge and skills, Spencer Stuart recommends boards evaluate first-time directors against the key attributes of interpersonal skills, intellectual approach, integrity, independent mindedness, and inclination to engage - each of which is further explained with reference to relatable examples and supported by a series of questions the firm suggests boards consider in their candidate evaluation process to increase the likelihood of a successful selection.
The firm also emphasizes the importance of financial competency for all directors given the types of matters that regularly come before the board, but posits that training, education, and mentoring can bring an otherwise strong candidate up to speed such that they will be positioned to fully contribute to boardroom discussions and decisions with financial implications.
Note: Consistent with the foregoing, according to the newest edition of Society/Deloitte Board Practices Report (Q#6), prior board experience is not a professional experience recruitment priority compared to specific industry experience and other emerging expertise demands like digital or technology strategy, cyber, and IT.
Access additional information & resources on our Board Recruitment & Succession/Refreshment and Director Orientation/Onboarding pages. This post first appeared in the weekly Society Alert!