Much has been written about board governance best practices. Much less information is available to help you figure out how to fix a board that isn’t delivering peak performance.
InterimExecs CEO Robert Jordan interviewed two experienced private equity investors, Eli Boufis and Steve Thompson, to talk about how to build a great board of directors.
To start, they believe board composition should include independent directors — people who are employed neither by the company nor by the private equity fund — to ensure effective governance. But, they noted, there are six ways independent board members come up short on corporate governance.
Helping them improve on these six issues is the “low-hanging fruit” of improving board effectiveness, they say.