Practices
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Board Search Practice
With the introduction of the Sarbanes-Oxley Act and market dynamics becoming more globally complex and faster moving than ever before, shareholders, federal legislators, institutional investors, and the media continue to raise their performance expectations by placing increased attention on corporate governance. One of the greatest challenges currently faced by organizations is assembling a Board of Directors comprised of individuals who are both competent as well as independent.
At a minimum, Boards must now play a more active role in shaping the future direction of the enterprise. A Board must be able to recognize and respond to rapidly emerging business opportunities and risks, while selecting the best CEO to drive shareholder value enhancing the company's name and industry reputation.
The current corporate regulatory and legal environment continues to add difficulty to the process of building a best-in-class Board. As the overall time commitment to serve on corporate Boards increases, interest in taking on new Board appointments by many directors is decreasing at an exponential rate. Further complicating the effort is the fact that many Boards and CEOs themselves are now limiting the number of Board appointments for their senior executive team members.
Clearly in business today, building an effective Board dictates relying upon more than the referral networks of current and past executive officers and Board members. Furthermore, the ability to successfully define and attract the necessary caliber of business governance and leadership requires a committed, targeted and insightful search process employing well-defined criteria and the benefits of experienced professional counsel.
Harris / IIC Partners recognizes the importance of new Board appointments and has developed a thoughtful and analytical approach to each client project. We bring a fully independent perspective and a thoughtful, systematic approach to advising Boards. Each assignment consists of a detailed strategy outlining an ideal Director profile followed by a well- defined search process providing the greatest of level of discretion and sensitivity to all parties concerned.
By engaging us as an advisor, we will work with the Board to look outside its collective networks to achieve true independence, making certain the composition of Board committees is optimal, while providing timely feedback from the marketplace about the Company and its standing. Throughout the process each executive contacted during the engagement will have been treated professionally to ensuring the reputation of the Client Company and the Board is safeguarded. |
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