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Recruiting a New Board Member? Here’s a Checklist for Success.
by John M. Floyd
Question: We have an opening for a new board member and want to ensure we have a well thought out process to find the right person. What are some key steps we should keep in mind?
Answer: Anyone involved in a business leadership role is well aware that corporate governance is a very serious issue, and that board membership is not an honor to be taken lightly. The legal, regulatory and fiduciary responsibilities of bank boards and of each bank director means it is no longer an informal process of contacting friends and business associates. Now, successful board of director recruitment requires an approach similar to senior executive recruitment:
- Assess the board’s needs based on the strengths and weaknesses of your current board members and the financial institution.
- Based on your assessment, develop position specifications that include the qualifications you are looking for – some may be niceties while others will be must-haves.
- Develop a long list of potential candidates, ensuring that you have a diverse selection.
- Shorten your list by reviewing potential conflicts of interest, both personal and professional.
- The board’s nominating committee should now be ready to initiate personal contacts with the individuals on the short list of candidates and begin the interview process.
- After the interview process is complete, the board’s nominating committee should meet to review all of the candidates. It will be important for the committee to check back on their recruiting priorities set earlier in the process.
- The final step is the selection/appointment of a new member to the organization’s board.
JMF Boilerplate
John M. Floyd & Associates (JMFA) is a leading vendor of overdraft privilege programs serving more than 2,000 financial institutions in 49 states and Central America. JMFA is also nationally recognized for training, account acquisition and earnings enhancement programs, as well as product, service, pricing and technology improvement consulting. To learn more about John M. Floyd and Associates and to receive a FREE Overdraft Privilege Analysis, please visit www.JMFA.com or call 800-809-2307.
First published on BankersOnline.com 6/19/06
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