Candidates for directorships on public company boards have much to consider. Potential exposure to legal liability, public criticism, and reputational harm, a complex tangle of applicable regulations and requirements, and a very significant time commitment are facts of life for public company directors in the modern era. The extent to which individuals can effectively manage the risks of directorship often depends on company-specific factors and can be increased through diligence and thoughtful preparation on the part of the director and the company.
The first year of board membership is critical for newly elected or appointed directors. While the onboarding process varies from company to company, based on our experience, there are several key elements to a successful transition. An effective onboarding process educates the new director with regard to the company’s strategy, acquaints him or her with the management team, and integrates the new director into the board. During the first year, the new director is in a position to observe and participate in the board dynamic and determine where he or she can best add value.
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