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Five Resolutions for Nominations Committees to Improve Board Performance

The New Year brings a period of reflection, what will you change in the year ahead and how will you do it? There are some clear ways in which the effectiveness of the board can be improved by the way in which the nominations and governance committee discharge their responsibilities. Here we listed 5 resolutions for an effective nominations committee.  Click the following links to read detailed articles on each recommendation.

Resolution #1: Start succession planning

A succession plan highlights the competences, experiences, traits, and skill sets which are needed for the board to function effectively. Here we look at some of the key considerations of succession planning for board and executive hiring.

Resolution #2: Make recruitment process more professional

Some people think recruitment is a highly subjective process. Many companies still address board and executive appointments through informal approaches to their networks. There are multiple approaches to senior appointments, but all must have strong underlying process and we look at why.

Resolution #3: Introduce more diversity

Board composition is viewed as a critical feature of good governance. Pulling together the right people, with the experiences, perspectives and skills will improve the functionality of the board and management team. This has driven much of the boardroom debate about diversity but what does that imply for nomination committees?

Resolution #4: Provide better information

“Newly appointed directors are a group of highly capable industry veterans. One short induction should be enough.” Is that true? What possible development or training might a board director with all their experience really need?…We look at the process of inducting new board members and how effective directors must keep pace with the changes.

Resolution #5: Improve shareholder communication

Activist shareholders and proxy groups like ISS and Glass Lewis are taking a far more active role in driving executive and board behaviour. What is really going on here and how can boards engage their shareholders on issues relating to appointments and effectiveness to satisfy shareholders? We look at effective approaches for communication with shareholders and ask, what can boards do better?

One common feature of New Year’s resolutions is that they are always easier said than done. Maybe the #6 resolution on the list is to read the previous five points each month and reflect how many of them have been achieved. Board committees are facing a growing level of demand for greater professionalism and some of the above actions would drive best-practice governance on your board.

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