According to PwC’s Annual Corporate Directors Survey, 35% of directors think a board member needs to be replaced. There can be many reasons for replacing a board member including not being prepared for meetings, not having the right expertise, or age. In addition to poorly performing board members, some directors age out of the board and retire. Having a strategy to replace board members can greatly improve your efficiency and help you accomplish your board’s goals.
Discovering Talented Board Members
Replacing a board member is an opportunity to reevaluate the current board composition and whether it is an optimal fit for furthering the organization’s goals. But the most common way to find new board talent is to get referrals and suggestions from current directors. While this seems logical and has been the standard way to find new directors, it has one glaring drawback – your board will inevitably be made up of directors from the same network which can limit diversity, experience, and new ideas. As business continues to change rapidly due to technology and globalization, it becomes even more imperative to go beyond your comfort zone and search for directors that will bring new expertise and benefits to your board.