I remember when we first started plotting board member skills and demographics in a table—we felt so organized. In setting up a board composition matrix, nominating committees will need to consider the most appropriate criteria for categories like professional skills, resources, backgrounds, experience, demographics, networking connections, etc. Prioritization Matrix Example: Product. A board member with financial expertise? Consider how potential director candidates will fit within the overall board. The team needs a skilled pitcher, a good catcher, a shortstop, outfielders, and strong batters. In brief: This board expertise matrix was created in conjunction with the directors of Tyco Healthcare (now Covidien Ltd.) as they were developing their own board. If we use the analogy of a baseball team, it’s easy to see the importance of building an efffective board team. Board Skills Development – the matrix can identify areas for overall board improvement through education or through the recruitment of a new board member that possesses a specific skill set to improve the board’s composition. Overall, the skills matrix should indicate that the Board has given enough thought to its present and future capability requirements. We’ve seen this play out as cybercriminals have been on the rise and boards have needed more expertise around the issue of cybersecurity. The matrix lets businesses gain insights on which products can help them capitalize on market share growth opportunities. Competition Matrix. At first glance, reading a board resolution is intimidating because of the formal language. Three traps of the board composition matrix Let’s look at the three failures of board matrix approaches: 1. In some cases it may be sufficient to explain the process that the Board undertakes where a need or gap in skills is identified (for example, appointing external search consultants), which increases shareholder confidence in the Board’s ability to mitigate risk. Criteria Decision Matrix - Quality Improvement. BOARD SKILLS MATRIX 1 Introduction This Board Skills Matrix (“ M atrix ”) provides a guide as to the skills, knowledge, experience, personal attributes and other criteria appropriate that Kogan.com Limited (“ Company ”) has or is looking to achieve in its Board membership. What’s wrong here is that these board composition matrices focus our attention on what people are, rather than on what the organization needs board members to do. In the example above (a screenshot of ProductPlan’s Planning Board), a product team has used the Planning Board for weighing a set of initiatives (shopping cart improvements, a mobile mockup, etc.) It is not intended to be an exhaustive list of matters you should consider, and the skills required will vary depending on the size and complexity of your scheme. Criteria Decision Matrix. Name 1 Name 2 15 63 Name 3 65 Board of Directors Name 6 67 Name 7 55 Name 8 47 Name 4 62 Name 5 60 Edit this example. Best practices, and in some cases, regulations play a part in shaping board composition. Strategic Board Composition Matrix. Sample Board Expertise Matrix. PART ONE: How to Create the Matrix Map. Given your organization’s mission, goals and priorities, what mix of skills and attributes do you need on the board? Learn why 180k+ users are using BoardEffect for their board portal solution! If there’s any doubt, the nominating committee has more work ahead of them. Are you w… To this end, a skills, experience and diversity matrix was established to help understand the strengths of and gaps within the current Board, so we can ensure the Board is representative of the broader community and contemporary philanthropy. Skills Trap – though a matrix can help a board identify needed skills, such as “legal” or “finance,” such categories can be so broad that boards wind up with the wrong kind of expertise, like an employment lawyer when the actual need is about zoning. This means that it’s prime time to get back to basics by starting with the board’s needs and priorities and building a well-composed board around them. P.S. A board skills matrix can be a helpful part of the trustee recruitment process. Get Board Governance best practices directly to your inbox! Once you have identified the gaps, you can develop profiles of prospective candidates who would fill these gaps. Start with asking what does your nonprofit need to advance its mission right now and in the future? Once you have a clear idea of the different types of excel matrix templates, you should be able to presume who can use these templates. Whether using a full self-assessment of the board (McKinsey) or a short form “matrix,” beware of limiting your thinking. As an example, the Equifax proxy , filed on March 24, 2017 (p.16), utilized a board skills matrix that clearly denotes the various skills required to serve as a fiduciary of the company. “Aplate entity should have and disclose a board skills matrix setting out the mix of skills that the board currently has or is looking to achieve in its membership.” Departure, which was introduced five years ago in the previous iteration of the principles and recommendations. Edit this example. Start with an assessment of the skills, experience, and expertise of your existing board so you can identify gaps. > Who can use the Excel Matrix Templates? It can be helpful to use a sample matrix as a template and modify it according to each board’s unique needs. Board Matrix This sample matrix can help boards and investors assess the level of experience each company director/nominee has in various areas, as well as in the areas of gender, sexual orientation and racial/ethnic diversity, age and tenure. A baseball team needs to have a group of players where each of them brings specific talents to the team. What does the board need to accomplish in the short and long-term? An example of this is the evolution of best practices related to pressing boards to diversify their board compositions with age, gender, ethnicity, and race. Once you have identified the skills and experience your nonprofit needs, you're ready to identify and recruit new board members. Will the top candidates be able to help the board meet goals and objectives? Board Skills Matrix Incorporating response to the above listed criteria, the key skills and experience collectively required and possessed by the Board are outlined in the chart below which illustrates the number of directors with a high level of competency in each identified are. Boards should also consider that a board composition matrix is just one of several tools and processes that can help them build a qualified board. An upper triangular matrix is a square matrix with all its elements below the main diagonal equal to zero. The board matrix then shows what boxes you presumably need to fill. “Aplate entity should have and disclose a board skills matrix setting out the mix of skills that the board currently has or is looking to achieve in its membership.” Departure, which was introduced five years ago in the previous iteration of the principles and recommendations. A list of talents and abilities comprise the headings for the top columns. 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