Corporate Director Selection and Recruitment: A Matrix

Every board should agree on a clear statement of desired personal attributes for all board members to guide the nominating and governance committee as they search for director candidates. In addition, boards should adopt a clear definition of director independence. Some have proposed that boards use a matrix model to help fine tune thinking about future director needs and compare desired attributes across positions. Using such a model to assess the skills and experience needed and desired in potential directors can inspire thoughtful discussions by the board, leading to better decisions by the nominating and governance committee.