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The Board of Directors play a critical role in the success of any organisation, providing strategic guidance and oversight to management teams. However, ensuring that the board is composed of individuals with diverse backgrounds and skill sets is essential, as this can significantly impact decision-making and overall company performance.
One tool that can help organisations achieve this is a skills matrix for board hiring. We explored in detail how a skill matrix can be used to achieve optimal board composition.
A skill matrix for board hiring is a structured tool to evaluate and identify the skills and competencies required for an effective board of directors.
Forward-thinking organisations understand that a board skills matrix can map individual directors' expertise and capabilities to the needs & growth plans of the entity. Such a skill matrix helps them to simplify board assessments and identify strengths and weaknesses of the overall board including skill gaps that should be filled.
Vahura OnBoard recently assisted an organisation - a pooled investment vehicle that invests in infrastructure assets, an InVIT with onboarding their first Independent Director.
Vahura OnBoard successfully implemented a skill matrix model of gap analysis, skill gap identification, shortlisting relevant professionals and inducting the perfect expert to fill the gap.
On undertaking gap analysis, we identified ten key skills required for the role, out of which three needed deep expertise owing to the volatility of the InvIT industry, variable market conditions and heavy regulations.
We evaluated multiple professionals across experiences and skill sets, such as banking and finance experts, ex-Chairperson of a public sector bank, senior investment professionals with MNCs, ex-bureaucrats with experience in infrastructure and finance, Global heads of conglomerates, experts with legal and board experience, and so on.
Based on our findings, we recommended a former chair of a regulatory body which develops Indian capital markets & protects the interests of investors.
This professional’s expertise in economics, accountancy, finance, audit, corporate governance, regulatory matters, strategic thinking, risk management and legal and compliance ensured he was the perfect fit for the client’s requirements, while also entrusting him the additional responsibility of Audit Committee Chair.
Within a few months, the team received a request from the organisation to assist in onboarding another senior professional with technical expertise onto their board.
Our methodology and process set standards for the client toward building a strong independent board with complementary expertise & proficiencies. The intent reflected in the company’s direction in constituting its independent board.