To better understand the tools and approaches that directors are using to achieve the right mix of skills, backgrounds, experiences, and perspectives in the boardroom— what works, what doesn’t, and what might get in the way—we surveyed more than 2,300 directors and senior executives in 46 countries around the world. We also explored these issues through interviews with board members and business leaders from six countries for the latest edition of Global Boardroom Insights from KPMG’s Audit Committee Institutes.
Taken together, the interviews and survey results show that many boards are reassessing how they approach board composition from start to finish—from recruiting and onboarding to board evaluation and succession. As one director noted, “Getting the right people with the right skills, both technically and personally, is as much an art as it is a science, but board composition can be far more systematic than simple guesswork.”
As our survey findings show, directors in Nigeria see much room for improvement; only 33 percent said they are “satisfied,” and 29 percent “somewhat satisfied” that their board has the right combination of skills, background, and experiences. The survey identifies some of the key challenges or barriers to building highperforming boards, as well as steps boards are taking to overcome these hurdles and position themselves as strategic assets for their companies. We hope these results and observations will help facilitate robust boardroom conversations about board composition and succession planning, and provide some insights to assist boards as they tackle the difficult challenge of building and maintaining the “right” board.
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