The importance expertise in the board of directors
The board of director’s responsibilities and roles are clarified in legislation as well as guidelines such as those provided by the Norwegian Corporate Governance Board (NUES). In general, it can be said that each board’s responsibilities have become more extensive and there are greater risks relating to the company’s reputation and financial development.
These factors mean that the board must have broad and in-depth expertise that enables it to address the challenges the company encounters. Board recruitment is therefore an important factor in successful value creation. BackerSkeie has broad expertise in finding the right candidates for different directorships.
BackerSkeie assists with board recruitment
In Norway the annual general meeting elects board members. BackerSkeie often assists companies in finding qualified candidates for nomination and in meeting the formal requirements relating to this process. Our clients are owners, nomination committees, corporate assemblies or managements that provide administrative support to the owners. We often provide assistance to public agencies, separate statutory entities and other organizations providing similar services. Very specific skill sets may be required of a new chair of the board or board member. This could be suitability requirements set out by the supervisory authorities or a requirement to be capable of leading a sub-committee, such as an auditing committee. There may also be gender requirements or special skill-set requirements relating to the strategic challenges a company encounters.
How does a board recruitment process take place?
Recruitment is BackerSkeie’s core expertise and main area of work. We have an extensive network of leaders and experts who we involve in our board recruitment processes as candidates, sources or references. We succeed when both our client and candidate succeed together.
We listen and challenge
Our consultants have robust knowledge of the industry and obtain necessary information for the collaboration in close dialogue with our clients. This information is structured with the help of BackerSkeie’s well-tested tools and methods, and forms the foundation for finding the ideal candidate. The client knows their needs best, and as an advisory service, we assist by challenging and defining the best solution. Before starting a board recruitment process, BackerSkeie recommends that companies conduct a board assessment.
Access to the best
BackerSkeie’s position in the Norwegian market means that we establish dialogue with the very best candidates. The process of searching for potential candidates involves systematic, creative and rigorous analyses. Based on our industry know-how, the team conducts a thorough analysis to identify the relevant environments, potential candidates and reliable sources. We guarantee parties the necessary confidentiality throughout the process. Our analysis and research team performs structured work to find and motivate the right candidates.
The process of appointing a new board member has many pitfalls and the cost of recruiting the wrong candidate can be high. Our job is to minimize this risk. We therefore assess the candidates based on their previous experience, skill set and future potential. Our main focus is ensuring that the candidate compliments the board and fills any potential knowledge gaps, and that the directorship is right for the candidate.
Read more about board assessment here.
Do you need to recruit a member or director of the board?
Contact one of our experienced consultantsto find out how we can help you.