Having the right individuals with the right skill sets is critical for boardroom dynamism and pivotal to every company's growth and profitability. Directors, who set the tactical tone, need to have the skills and exposure that align with the company's long-term strategy. Having a non-executive director (NED) recruitment process that incorporates diversity and fresh perspectives is an important recipe for strong financial performance. In this report, we seek to find out if there is a strategic shift in the skill sets of new NEDs. In an earlier report published by the Diligent Institute, Beyond the C-Suite: Trends in Director Skill Sets, the data suggested that there is a noticeable shift away from hiring directors with traditional CEO, CFO or COO backgrounds - particularly in Australia.
Expanding the Boardroom Brain Trust: Moving Beyond Traditional Backgrounds