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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 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
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 search to guide the development of a
qualified slate of Board candidates.
| RECOMENDED BOARD SEARCH PROCESS |
Weeks of
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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 Directors 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. |
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