Beyond The Old Boy´s Network

Appointing a board director is not what it used to be. Gone are the days of CEOs and chairmen single-handedly planning how to fill their boards with friends, family, and colleagues (and in the rare occasions when that still happens, stakeholders and shareholders will make their discontent be known).There has been change over the last decade in how the board nominations process works, primarily as a response to new waves of corporate governance guidelines. Regulators and board practitioners across different countries have developed their own governance systems, often “cherry-picking” ideas and best practices from other jurisdictions and calibrating them to local business needs. Countries will opt for a one-tier or a twotier board; some will make major shareholders members of the nomination committee, while others will ensure that employees get adequate board representation; some governments will establish mandatory gender quotas, while others will opt for fixed voluntary gender goals.