Leveraging board talent for innovation strategy

摘要

Managers and incumbent directors are the main sources of identifying new members of the board. The skill sets of potential directors are an important factor in selecting new members, but often the complementarities with existing directors and with the overall structure and make-up of the board are ignored. Managers should carefully consider the impact on the function of the entire board when making decisions on adding or replacing board members. When innovation is central to the firm's survival, how directors can both foster and initiate innovative ideas and strategies becomes an overriding consideration. Hundreds of configurations may be taken into account, and it is up to management to determine the mix of talent that will lead to optimal decision-making.