Nominating Committee Talent Procurement, Development, and Assessments
The nominating committee is a key resource for the board when it comes to finding new talent, building diversity, and developing corporate governance for an organization. Nominating committees are important because they have the ability to set the tone for future board members and keep current board members up to date with emerging trends. “The role of the nominating and governance committee has becomes increasingly front and center as a result of shareholders, regulators, and others focusing attention on the board composition and diversity of public company boards,” reports PwC.
The nominating committee often carries out the task of board assessments, as well. Because of the importance of future organizational trends and culture, it’s imperative that members of this committee embody the values of their organization.
Breaking Down the Nominating Committee
The nominating committee is responsible for finding and replacing board talent including chairs, board members, and even the CEO. So the personnel who sit on the nominating committee are usually comprised of upper management and senior officers within the organization.
The committee is usually comprised of the board chair, deputy chair, and the CEO. The number of committee members varies from company to company, but the committee should also include 1-2 independent members not included on the board of directors.
Role and Responsibilities
One of the main tasks of the nominating committees is to collect talent inventories from the board and committee members. A talent and skills inventory is a necessary step in determining the right mix of diverse talent to tackle optimal oversight. “Board composition lies at the heart of board effectiveness,” SpencerStuart. “The composition of a board should be viewed as a strategic asset.”
Creating and maintaining a skills inventory for the board helps the nominating committee highlight board talent and locate areas of needs. Inventories also make it easier when succession planning or looking for new directors to fill those gaps with a diverse skill set.
Cultivate, Procure, Nominate, and Elect
Once a talent and skills inventory is up to date and known gaps are identified, the nominating committee usually begins to cultivate new diverse candidates. With policies and culture in mind, the committees will seek out candidates who may be a fit for the role and the organization. It’s imperative that the committee also works with the board and staff to identify key needs, skills, personal qualities, and diversity needs.
The committee holds interviews, narrows the field, and vets candidates in a variety of areas. This process is not only used when the time comes for finding new board talent, but also for refining the and developing a process to recruit, interview, and place individuals within the company.
Once a candidate is selected through the cultivation process and confirmed responsibilities of the position with the individual, the committee has the duty of nominating their choice to the board. When the board reviews the candidate through the evaluation process, they vote to elect the new member of the organization.
Orientation and Ongoing Development
The nominating committee is also responsible for designing and administering the orientation process for all new members of the board and executive team. The committee usually begins the onboarding process directly after the election, so new members feel welcomed right away.
Ongoing professional development for current board members is also a responsibility for members of the nominating committee. Professional development opportunities can include scheduling presenters on corporate governance trends or industry experts, planning retreats, and attending workshops and networking events.
Conducting Assessments with the Nominating Committee
The nominating committee has many duties and responsibilities, and conducting board assessments is also part of the job. Corporate secretaries and general counsel are also involved in board assessments and often collaborate with the nominating committee to develop and administer assessments.
It’s also important that the nominating committee implements an assessment tool that can be utilized by the organization to carry out board and individual assessments on a yearly basis.
Board Portal Solutions for the Nominating Committee
The nomination committee has several important duties when it comes to serving the board of directors. The implementation of a board portal can greatly cut time for committees by helping to organize materials, enhance security, and conduct board assessments.
Nominating committees can find peace of mind that all of their materials are in one accessible location. Committee members can access skill inventories, applications, policies, and orientation packets on any device with the tap of a finger. Full-featured applications make it easy to annotate and collaborate over revisions. When working offline, members can be sure their revisions are saved when they regain internet access.
Security is also a top priority for every member of the board including the nominating committee. Committee chairs can set security permissions for viewing and editing of documents. This keeps confidential information and data safe and secure. All BoardBookit applications are Vericode Verified and maintain multiple security clearances. Board members and new candidates can eSign documents that provide admins with a legally binding audit log.
Surveys, the newest feature of the BoardBookit platform is our exclusive board assessment tool. Because the nominating committee is usually at the center of board assessments, this fully integrated tool simplifies the process and provides valuable insight on board member engagement, talent inventories, diversity, and more.
BoardBookit is the only tool boards and nominating committees alike need to improve talent acquisition, orientation, voting, and board assessment process.
If you would like to learn more about how BoardBookit can transform your nominating committee, we’d love to start the conversation now!
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