DENNIS C CAREY
Executive Recruiter
Specializing in CEO and Corporate Director Recruiting
The Challenge in Finding Corporate Directors to Serve
The biggest impediment in finding qualified directors to serve is the time board work demands. In the days before the Enron and Worldcom scandals and the resulting Sarbanes Oxley legislation, one in four board candidates would decline an invitation to serve. With the higher requirements and greater accountability, the percentage of candidates declining may be as high as 90 percent. Companies facing adversity in a tough industry may find it even harder to recruit directors. At the same time, many active CEOs have been prevented from serving on other boards through requirements made by their own boards—an indication that the CEO’s job must come first. Just-retired CEOs have become a highly sought after because they have the background and presumably more time. When there is a good match, board work is extremely satisfying, particularly for former CEOs who have a particular industry expertise when they connect with the right company. Despite the challenge, finding a corporate board member who brings the right credentials to a particular company has an important return to the shareholders. One important way that boards can contribute to a more successful director search and keeping the pipeline open is to include board director nominations as a responsibility of the corporate governance committee. This makes the identification and recruitment of directors a shared responsibility. Dennis C Carey
14850 N. Scottsdale Rd. Suite 275 Scottsdale, AZ 85254
(215) 656-5348 (480) 315-8958 dennis@denniscarey.com VbizCard Dennis C Carey
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