from Spencer Stuart
Turnover on corporate boards tends to occur slowly. However, there are scenarios in which boards are created essentially from scratch or must be aggressively reinvented - when a company is taken public, spun off from a parent or rebuilt after bankruptcy or a crisis. These situations provide the rare opportunity to shape the composition of the board to reflect the direction, challenges and opportunities of the new or reinvented company. These new boards should be consciously and carefully constructed with the particular focus of creating a board capable of guiding the new entity. Based on our significant experience helping companies build or rebuild their boards, we have a definite point of view on how to proceed. Looking across a number of these engagements with clients, we have documented what we believe to be the best practices in the following blueprint for building a board.
- Start with strategy
- Secure board leaders
- Create a matrix of desired board skills
- Consider the board culture and organization
- Understand the special considerations for different scenarios
Read Lessons on Creating or Rebuilding a Board.
Topic tags: coporate governance, governance/nominating committee, board of directors