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No two Board search engagements are ever identical.
Although there are many common competitive dynamics that are shared
by companies competing within the same industry, each Board
of Directors search engagement must be approached and
appreciated for the unique business challenges facing a particular
client and the specific industry and functional areas of expertise
required to provide exceptional governance for that client.
At the initiation of each Board search engagement,
we invest as much time as necessary to meet with members of the
Governance Committee to gain a complete understanding of the specific
business needs and challenges facing a particular client. Additionally,
if directed by the Board, we will also seek the opinions of relevant
industry analysts and other shareholder constituencies. These
meetings provide valuable insight into the specific requirements
and qualifications for the Board of Directors search we are about
to undertake as well as the critical industry and governance qualities
that will best serve the Company. At the conclusion of these
meetings, we develop a customized Position Specification
document that is used during the Board of search to guide the
development of a qualified slate of Board candidates.
| RECOMENDED BOARD SEARCH PROCESS |
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| Governance Committee meetings |
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| Position Specification developed & approved |
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| Search strategy & targets approved |
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| Original research |
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| Sourcing & market validation calls/meetings |
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| Conference calls/status reports reviewed |
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| Prospect validation/candidate interviews |
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| Board "Slate One" presented to
Client |
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| Client interviews Board "Slate One" |
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| Board "Slate Two" presented to
Client |
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| Client interviews Board "Slate Two" |
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| Lead & back up Director Candidates selected/final
rounds |
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| Formal referencing |
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| Term sheet presented & reviewed with Client |
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| Offer presented and terms negotiated |
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| Successful Director agrees to terms |
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One of the defining characteristics of our firm is the quality and
rigor we apply to the Board search process. We believe that
relying exclusively on databases and recycled candidates only yields
mediocre results. A much more rigorous approach must be applied
to the identification and validation of the types of Board Directors
required by today’s leading corporations and emerging companies.
Furthermore, as the interactive chart demonstrates, our commitment
to original research and candidate sourcing is an ongoing process
throughout the term of any Board search assignment.
Finally, to help speed the time to completion for each Board search, we ask the
Governance Committee to participate in weekly status meetings conducted via teleconference
or, if possible, in person. These
meetings are particularly important during the critical calibration stages of
the Board search and significantly increase the decision making and consensus
building of the Governance Committee.
Printable Version (PDF) |
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