Board Search Process
The increasing importance of boards, as well as our extensive experience in building them, has made corporate board work a growing focus for Vell Executive Search. We follow a well defined process to board searches:
1. Defining the ideal candidate(s) - Position Specification and Scorecard
First, we hold in-depth discussions with you concerning your board philosophy, your immediate director needs, and how your requirements may change in three to four years. Our discussions include topics such as the size and composition of the board, desired industry representation, functional expertise, age, gender and ethnic diversity, education and geographic backgrounds.
When necessary, we drive a process to achieve consensus amongst the board members and selected members of the management team, in part through confidential one on one and group discussions as well as building skills matrices to highlight the needs of the business.
Finally, we prepare a written specification, a core competency scorecard and a search strategy that summarizes our discussion, serving as a blueprint for the search.
2. Research Phase - Generating Multiple Alternatives & Prospect Profiles
Our extensive internal and external databases, contacts with established sources in and other proprietary means, we develop a list of qualified prospects that includes backgrounds, experiences and locations. Our list also includes any candidate suggestions the nominating committee offers.
Depending on various factors, the list varies in length. Our lists typically ranges from between 20 to 300 prospects. Through calibration and discussion the list is fine-tuned and offered for review by a broader audience.
3. Candidate Selection
Next, we review the prospect list with you and the nominating committee in order to determine and prioritize primary candidates. We then conduct further checks to obtain as much detail as possible on primary candidates.
4. Candidate Recruitment
At this time, we determine the best way to approach candidates, i.e., by the client, by a member of the nominating committee, by one of the directors or by a Vell Search Consultant.
The initial conversation with the candidate includes discussion of the opportunity, the company strategy, what is expected of a director, board meeting dates, committees, compensation, D&O insurance, etc. In addition, the candidate receives an information packet that fully briefs them on the company, the opportunity, and the role.
Once the preferred candidate has been determined, you extend an invitation to the top candidate to join the board. The Vell Search Consultant serves as a facilitator between the nominating committee and the candidate as the terms of offer are extended.
Directorships are very sensitive in nature on both sides, and it is incumbent upon the Chairman/CEO to extend the type of professional considerations to directors that he or she would expect, or that he or she would give, to any newly hired, top ranking officer of the company.