Korn/Ferry: end of ‘old-boys’ network’ recruitment of NEDs in sight?
10 July 2012
Recruitment of non-executive directors (NEDs) will need to move away from searches based on personal connections alone, says a report from executive recruiter Korn/Ferry.
Tue, 10 Jul 2012
Recruitment of non-executive directors (NEDs) will need to move away from searches based on personal connections alone, says a report from executive recruiter Korn/Ferry.
This is according to a report from the firm entitled ‘What Makes an Exceptional Independent Non-Executive Director?’, which draws on detailed interviews with around 50 leading chairmen, chief executives and board members in the UK.The report notes when a previous study on the same topic was completed in 2005: “The prevalence of the ‘old-boys’ network’ in board recruiting remained strong… although a move to greater professionalism was underway.
“This trend towards a more professional recruitment process has expanded in recent years,” it continues. “Recruiting to meet the new demands of the NED role is essential and will be hard to do through personal contacts alone.”
The changing role of the NED, according to the report, includes an emphasis on certain technical skill sets such as finance and technology, as well as greater training and evaluation for people in such roles.
Recruitment of non-executive directors (NEDs) will need to move away from searches based on personal connections alone, says a report from executive recruiter Korn/Ferry.
This is according to a report from the firm entitled ‘What Makes an Exceptional Independent Non-Executive Director?’, which draws on detailed interviews with around 50 leading chairmen, chief executives and board members in the UK.The report notes when a previous study on the same topic was completed in 2005: “The prevalence of the ‘old-boys’ network’ in board recruiting remained strong… although a move to greater professionalism was underway.
“This trend towards a more professional recruitment process has expanded in recent years,” it continues. “Recruiting to meet the new demands of the NED role is essential and will be hard to do through personal contacts alone.”
The changing role of the NED, according to the report, includes an emphasis on certain technical skill sets such as finance and technology, as well as greater training and evaluation for people in such roles.
