The appointment of a new director can be a delicate and at times sensitive task.
Never before have directors been open to such visible accountability, measurability and scrutiny from shareholders, regulators, the media and the public as they endeavour to manage and balance their fiduciary responsibilities and the challenges of business in today's environment. Selection of the right person for a directorship/board appointment is therefore paramount.
In today's business environment, the search for, and selection of directors, has by necessity become a specialised and professional process. Confining the search to simply using a network of Business colleagues, friends or family contacts is no longer considered appropriate and certainly does not constitute "best practice".
Ysker's approach to board appointments takes into account and recognises the need to identify the most suitable candidate to compliment and add value to the existing mix of experience, skill sets and competencies of those already sitting around the board table.
In doing so, we endeavour to identify not only those who are widely known and recognised in the market place, but we also encourage interest and participation from "emerging directors". Such candidates are likely to be currently successful in the challenging world of "today's" business leadership, who understand what it takes for a business to grow, compete and develop and who posses the necessary inter personal capability, appropriate competencies and practical business acumen necessary to make a valuable contribution at board level.
Many high performing people may not consider such a move unless they are identified, encouraged to think about a directorship, or alternatively, are approached directly.
Consequently, we endeavour to seek diversity in the mix and importantly the inclusion of a wide range of both recognised and "non obvious" candidates on the "Ysker Directors Register".
Given the ever increasing average age of business owners in New Zealand, the subsequent emphasis being placed on succession planning and the recognised need for more family owned businesses and SME's to appoint outside directors, an ongoing awareness, local market knowledge and a current understanding of the available and potential directorship talent pool is both desirable and necessary.
The nature of each director search is such that we commence with a clean slate and tailor a process to meet the specific needs of the client.
A typical process however would likely involve the following:
- Briefing with client.
- Specification /document of understanding prepared for board approval.
- Research list prepared and refined.
- Client review of draft prospective director list.
- Research finalised and approaches to candidates begin.
- Consultant interviews conducted.
- Long list discussion with client.
- Documentation prepared, preliminary reference checks initiated.
- Shortlist presented to board/selection sub committee.
- Assistance with selection and final verification/reference checking on selected candidate.
- Post appointment follow up.