Changes and Opportunities in Corporate Governance
In the wake of highly publicized corporate scandals, corporate governance has undergone considerable change. Boards have been forced to evaluate how they operate, as well as the composition of their membership.

The Sarbanes-Oxley Act, along with Securities and Exchange Commission regulations, requires boards to be composed of a majority of independent directors. New requirements and recommendations for publicly listed companies specify that nominating, compensation and audit committees be completely independent and contain at least one financial expert.

The new regulations have increased the amount of time and work required from each committee, to the point where it is difficult to have a board member sit on more than one. This is increasing the size of many boards and driving the need to find qualified and appropriate directors.

In response to these changes, boards are changing the way they recruit and nominate new members. The chief executive officer plays a more supportive role in the process, rather than being the primary decision-maker. Nominating committees go through a careful process that includes identifying the gaps in the current make-up of the board, confirming independence, and doing thorough due diligence on each candidate. While the need to add to boards has increased, the risk and time requirements have made many executives reluctant to serve.

CEOs may be serving on fewer boards, but opportunities are now open to a broader and more diverse group of candidates. Boards are now looking beyond CEOs and considering candidates who are chief financial officers, chief operating officers, general counsel, or heads of divisions or large corporate departments. Candidates' backgrounds include law, human resources, technology, marketing, academia and other areas that provide a specific kind of expertise.


How ECC Helps You Find Board Positions
Approaching a CEO whom you know socially is no longer an acceptable or realistic way to fill a directorship. Nominating committees are in charge of finding independent candidates that fit specific needs the board has identified. It is critical for both the board and the candidate to do thorough research and due diligence prior to any commitment.

Executive Career Consultants' process can help you assess what you have to offer and help you leverage your strengths as a candidate. We will research and develop a target list of boards, matching what you have to offer with the needs of specific boards. We will also help you prepare an executive portfolio presentation that includes your narrative biography, professional accomplishments and value proposition. ECC will approach and present your portfolio to targeted boards and recruiters on your behalf.