A board composition matrix identifies the skills, knowledge, experience and capabilities desired of a board to enable it to meet both the current and future challenges of the entity.
The creation of a board skills matrix is an opportunity for considered reflection and productive discussion on how the board of directors is constituted currently and also how it believes it should best be constituted in the future to align with the strategic objectives of the entity. The board skills matrix should always be tailored to the unique circumstances and requirements of the company concerned.
While developing your matrix, the trick is to focus on actions needed. Consider what people will do rather than what people are. This can be done by asking two questions:
- a) What are the three most important things for our board to accomplish this year?
b) Do we have the right people on the board to make those happen?
Today’s episode of the board composition matrix mini-series welcomes Terri Duhon to the discussion. Terri is a 25-year veteran of financial markets and author of How the Trading Floor Really Works. She spent 10 years on the trading floors of New York and London and currently sits as Chair of the Board of Morgan Stanley Investment Management Ltd. and sits as the chair of the Risk Committee for Rathbone Brothers PLC.
In today’s episode, Terri provides expert financial market insights and tips for us as aspiring board directors. She helps us understand how she leverages her experience and how she began her journey into and throughout the boardroom. We discuss these topics and more on this episode of Boardroom Bound.
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