Savvy directors know that skills get old and skills get stale, and it’s important to ensure boards have the strategic domains of skills, experience and expertise required for current—and future—needs. Savvy directors also know they need to work smarter, not harder. Board diversity, along with company-specific criteria shared by all directors, is a way to add strategic value and provide effective oversight.
Although these are good reasons to think carefully about director qualifications when a seat at the table opens up, why should mutual fund directors, who are not elected annually, focus on director qualifications beforehand? In addition to being good board succession planning practice, having a clear vision about director qualifications helps boards “know it when they see it” so they can act quickly to recruit attractive, in-demand candidates.
Consider Director Qualifications NowWith the advent of the 2012 proxy season and ....