3-Step Guide to Recruiting an Independent Board Director - Step One
Knowing that preparation increases the chance of success, we must first recognize that the process itself is just as important as the outcome
Welcome to the first article in a series of 3, outlining the steps to recruiting an independent board director.
Other articles include:
Step 2: Optimizing the Search Process
and
Step 3: How to Successfully Close Out The Process
Many interests are represented within a board of directors: the CEO, founder(s) or other senior executives, investors or shareholders with a financial stake, and in some cases family members for family-owned businesses. Ideally, each director should look out for the holistic health of a company and its collective stakeholders above all other interests, but this may not always happen. Enter the independent director.
Independent board directors are the external advisors of the business, guiding the CEO and executive team to execute their vision by leveraging their own professional experience and areas of expertise. And most importantly, rounding out the skills on the existing board, while keeping a balanced perspective of the overall health of the organization.
So how do you find the right Independent Director for your company?
Step One: Leading a Skills Matrix and Gap Assessment
Knowing that preparation increases the chance of success, we must first recognize that the process itself is just as important as the outcome of placing a candidate.
After years of helping PE firms, VC’s, founders, CEOs, board directors and enterprise companies across all industries build their boards, we developed a Board Skills Matrix Template to help you identify where there might be gaps in experience, or expertise on your board and where a fresh perspective might be needed.
Download the Board Skills Matrix Template
Not only are you looking to address the gaps on the board today, but as you forecast needs in the next few years - the board you build today will be the same team that helps you navigate through those milestones.
Throughout this process, you might also pivot your focus/understanding of the expertise that you need. You might uncover questions from candidates that inspire new thinking, elevate or pinpoint gaps on your board you hadn’t even realized exist, or meet individuals in the process where there’s mutual value in the long-run.
Navigating the search process for finding a new board member is a time consuming process if you go it alone. Check out theBoardlist’s search platform today and discover over 22,000+ diverse candidates.
