The nominating and governance committee takes the lead in identifying director candidates, organizing board and committee membership, recommending governance principles and practices and takes the lead on board self-assessments. Many times, the lead director of the board is part of this committee.
The role of the nominating and governance committee has become increasingly front and center as a result of shareholders, regulators, and others focusing attention on the board composition and diversity of public company boards. In some cases, shareholders approach the board with concerns relating to succession planning, lack of board diversity, proxy access and other board matters. It’s increasingly important for the nominating and governance committee to carefully examine the skills and backgrounds that are needed for the best possible board of directors.
The Governance Insights Center provides easy access to resources that help boards and nominating and governance committee members gain knowledge and institute governance practices that strengthen individual corporate directors and the board of directors as a whole.