Cornerstone of the Board: The new steps of director search
Julie Hembrock Daum and Tom Neff
October 2004
Recruiting new directors is now more difficult, complex and time consuming. No longer is a director position easily filled by a friend of the board or the CEO. Rather, boards are designing and using a more inclusive, methodical and transparent recruiting process. They understand that there are greater consequences for choosing poorly and increased benefits for skillfully selecting directors.
Reflecting the new complexity in the execution of a search, the recruitment process is now more complicated and formal. Over the past year, Spencer Stuart has conducted more than 300 director searches in the U.S., giving us the unique vantage point to share the best practices that boards are beginning to adopt. This article outlines these best practices — broken down into 10 steps — that every nominating committee should consider prior to conducting a director search.
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