Board Readiness 2008

Overview Why you should be interested What you need to knowResources WFF Corporate Board Link Board Readiness Tools Submit your Directors Profile

Overview of Board Readiness


Research shows that gender parity among directors on corporate boards results in improved bottom line performance for the companies involved. Catalyst, the research organization that focuses on women's career advancement, discovered that only 14.8% of Fortune 500 corporate board seats were filled by women in 2007. At the present rate of progress, it will take 70 years to achieve parity. The WFF has an action plan to speed up that process and place executive members on boards to attain better stakeholder representation and effective governance. This board initiative is designed to achieve the WFF goal of 3 at the Table and is central to realizing its 2020 Vision and The Roadmap to Results successfully.

We have developed programs and alliances that will help to prepare, promote and place WFF executive members on corporate boards. These initiatives include:

  • A database of board qualified candidates,
  • Alliances with preeminent governance training and educational organizations,
  • Relationships with CEOs, nominating committees and executive search firms,
  • Information about board service, with interviews and tools, on the WFF website, and services that will link members with corporate board opportunities

Why should you be interested in serving on a board of directors?


Board service is professionally challenging and rewarding.
A board exemplifies the character of the company by demonstrating adherence to high standards of ethics, compliance and good governance. You will not only contribute to this process, but you will learn from it. These experiences will accelerate your professional development as well as allow you to bring the benefits of your service back to your company.

Board service is personally fulfilling.
A board seat is a significant commitment. However, if you are willing to take on this leadership position, you will gain the satisfaction of “making a difference” and of being a valuable participant in the success of a business. You will also gain invaluable insights and experience from networking with the other directors. These contacts can be personally as well as professionally rewarding.

You can help achieve gender parity on corporate boards.
The main function of a board is enhancing shareholder value. Research shows that gender parity among directors on corporate boards results in improved bottom line performance for the companies involved.

You can help the WFF attain its goal of ‘3 at the Table.’
The Women’s Foodservice Forum (WFF) has an action plan to speed up gender parity by placing executive members on boards in order to attain better stakeholder representation and more effective governance. This board initiative is designed to achieve the WFF’s goal of 3 at the Table and is central to realizing its 2020 Vision and The Road Map to Results successfully.

 

What do you need to know before becoming a director?


Today’s regulatory climate makes many director candidates think twice about accepting a board seat. You should investigate every aspect of a director’s role and responsibility. Here are a number of resources to help you in that investigation:

Haynes Boone has provided a summary of these issues in “Should You Accept That Board Seat?” The article answers the many FAQs you should be considering before pursuing board service.

Another great information source is the National Association of Corporate Directors (NACD). Founded in 1977, it is the only non-profit membership organization dedicated exclusively to serving the corporate governance needs of directors and boards. NACD's mission is to achieve improved corporate governance through better board practice. By offering education, information, conducting independent research, and disseminating leading practices, NACD provides resources for increasing director and board effectiveness. Find out more at http://www.nacdonline.org.

In late 2005 and 2006, Heidrick & Struggles hosted a series of roundtable discussions for women executives to share their experiences and exchange ideas about serving on corporate boards. A summary of their findings can be found at http://www.heidrick.com/execwoman.aspx.

Corporate Board Member magazine is an information resource for senior officers and directors of publicly traded corporations, top private companies, and Global 1000 firms. Each issue provides readers with decision-making tools to help them deal with the challenges confronting their boards. Topics include corporate governance, board trends and best practices, director compensation, director liability, board education, board size and make-up issues, management succession, recruiting directors, board advisors, shareholder activism, and audit committee issues.

An online information library complements the magazine, which is published every other month. This Resource Center offers valuable content on strategic and governance issues, executive and director compensation, audit committees, risk management, international and technology trends, investor relations, and other critical topics facing today's directors and officers of publicly traded companies.

The Resource Center also features webcasts and interviews. In December 2002, Corporate Board Member and the NASDAQ Stock Market launched a series of educational webcasts on board governance issues. The webcasts include perspectives of top board advisors from American International Group, Inc. (AIG), PricewaterhouseCoopers, Spencer Stuart, and Weil, Gotshal & Manges LLP, as well as NASDAQ and Corporate Board Member. See http: //www.boardmember.com/.

Executive search firms that specialize in board search are great resources for additional information on the criteria for directors. Here is a list of firms:

Heidrick & Struggles International; http://www.heidrick.com/Services/BoardSvcs/

Korn / Ferry International; http://www.kornferry.com/Library/Process.asp?P=BoardServices

Leadership Capital Group; http://www.lcgsearch.com/index_content.html

Spencer Stuart; http://www.spencerstuart.com/services/boards/recruitment

In 2003, eight experienced businesswomen recognized a coming trend and joined together to form the Directors Council, a private company to meet the needs of corporate boards for increased independence, effectiveness and diversity.

http://www.directorscouncil.com/

If you have additional resource material or recommended links for our Corporate Board Link site, please contact Mary Bentley at mbentley@womensfoodserviceforum.com or at 952-358-2101

Available resources for members and how to access them


Today's regulatory climate makes many director candidates think twice about accepting a board seat. You should investigate every aspect of a director's role and responsibility.

WFF has a number of resources available to help you navigate your roadmap to a board seat.

Alliance Partner Training Programs

Board experts agree that governance training is an important foundation for becoming a corporate director. Alignment with organizations that share the WFF mission of Elevating Women Leaders and advancing women executives to the boardroom will make this possible.

The WFF has developed three ground-breaking Executive Development alliances.  Though serving similar objectives, these alliance partners offer unique programs with very different approaches geared toward members’ needs. These alliances are with:

  • Kellogg School of Management - Center for Executive Women (CEW)
  • National Association of Corporate Directors (NACD)
  • On Board Bootcamp

Board Readiness Tools


•     A Professional Bio Can Profile Your Strengths (2).doc (Word document, 36 KB)
•     Board Recruitment Questions to Ask (2).doc (Word document, 69 KB)
•     Checklist of Issues to Review for D&O Insurance.doc (Word document, 24 KB)
•     Developing Your Personal Marketing Plan (2).doc (Word document, 71 KB)
•     Director's Checklist 1 (2).doc (Word document, 69 KB)
•     Liability Issues for Officers and Directors.doc (Word document, 26 KB)
•     Personal Assessment (2).doc (Word document, 69 KB)
•     Questions for Prospective Board Members 1 (2).doc (Word document, 70 KB)
•     What Is the Role of Officers and Directors in a Corporation.doc (Word document, 27 KB)
•     What Skills Do You Bring to a Board -- Expanded (2).doc (Word document, 74 KB)


Submit your Directors Profile to be included in WFF Director's Registry.

If you have any questions regarding Board Readiness or the Director’s Profile please contact Deb Nelms at dnelms.nsi@att.net or 773-278-3814.