How to Structure Your Board Refreshment Strategy

Inside Americas Boardrooms
With activism on the rise and today's business environment growing ever-more complex, board refreshment has become a critical piece of the governance puzzle. Companies that fail to align board composition with their long-term strategy will expose themselves to greater risk in the years ahead. So how can boards manage refreshment effectively?

Back for a consecutive appearance this month, Betsy Atkins (board member with Cognizant, Volvo Car Group, Schneider Electric, HD Supply Holdings, and SL Green Realty Corp.) returns to Inside America's Boardrooms to discuss the trends impacting board refreshment and the nuances of an effective recruitment strategy.

[blockquote source="Betsy Atkins, board member with multiple companies"]The threat for a business [today] is not that someone's going to cook the books... Now the threat is that your company isn't relevant. It isn't competitive. It disappears. You need directors to future-proof the company.[/blockquote]

The board's approach to refreshment should mirror its approach to CEO succession, explains Atkins. Is your company looking to grow in its current strategy or is it facing great disruption on the road ahead? These types of questions must form the foundation for the board's refreshment strategy. In this episode, Atkins also addresses:

  • How should boards recruit for the increasingly specialized skill sets that are needed today?
  • How do boards effectively recruit for committee membership and expertise?

Don't miss Atkins' new book, Behind Boardroom Doors: Lessons of a Corporate Director, which covers everything from ESG to cybersecurity-also, what boards can learn from notable reputational debacles like United Airlines and HealthSouth.
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