India to witness its maiden Board Refresh in 2024
Undertake a Gap Analysis Study before you search for your next independent director. Take your first-step towards constituting a High-Performance Board.
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March 2024 is a big month for Corporate India, which will experience its first-ever Board Refresh, where 7500+ listed companies and 20000+ unlisted public companies are expected to have 30000+ independent directors retire after completing 2 terms. With such a high turnover rate, the hunt to attract the best and brightest directors to fill these critical positions is going to be hyper-competitive. One needs to find the right mix of experience, and expertise while adding impactful value to the board.
Those who begin their search early will have a much better chance of success as the quest is only going to intensify. As of November 2022, out of the BSE 200 companies, 26% have already started the process.
Whether you wish to undertake a professional search process to find the most suitable candidate or leverage your own network, it is pertinent to first identify the gaps in your Board's configuration. Every company is different, and each one needs a board that is unique and tailored to its specific industry, goals, direction, and market landscape. It is essential for companies to put forth efforts in determining which combinations of skills and expertise are necessary to construct a high-performance board and benchmark its' Board to the best-governed companies.
Here is how we can help.
We are a team of hyper-specialists who focus on curating High-performing boards using a systematic & professional approach.
Undertake Gap Analysis
We believe that conducting a Gap Analysis is essential to identifying the most suitable profiles for the board of your company. A carefully designed skill matrix, when used properly, can identify profiles that are appropriate to add to your board.
A Decade Long Experience
While skill mapping is critical, it is important to identify other attributes for a cultural fit. Our decade-long experience uniquely positions us to narrow the search to a select set that are certain to share synergies.
Extensive Network
We have an extensive network of CXOs, Functional Heads, and Senior Executives with prior board experience. We also have a wide network of former Regulators, retired Government Officials and professionals with international experience.
Consultative Approach
Our approach to board development is systematic, thorough, and discreet. Through a collaborative process, we ensure that our recommended Non-Executive Directors are the right fit of professional capabilities and cultural compatibility.
Get the Chemistry, right
The skills that make up a great board are important, but it's also key that the members have mutual trust and respect. When these qualities are present, it creates a virtuous cycle in which one good quality builds on another. This can be the difference between a high-performing board and a dysfunctional one.
Constructive Boards
Board members play an active role as guides, coaches & mentors for the company’s leadership. High-performing boards understand the direction the company has undertaken and work constructively to achieve that. Even a dissent is expressed to aid the best outcome for the company. An incompatible board member could lead to the entire board being dysfunctional & be a disaster for the company.
Governance & Credibility
A well-respected board of directors can improve a company's governance credibility, which may lead to increased shareholder value. It can also ensure a favourable image of the company in the eyes of the regulators.
Strategic Advantage
Each member of a high-performing board with complementing skills and expertise can give impetus to the strategy & its execution. The right balance of stability and agility can equip the company with strategic and competitive advantages.
3 Easy Steps to High Performance
- Undertake Gap Analysis
- Select the Right Fit
- Experience High-Performing Board