The Boardroom Services of Future Options include the following.
i. Board Recruitment
ii. Board Remuneration
iii. Board Training
iv. Board Evaluation
Identifying suitable board-members is a critical activity. Yet, practically, the process used tends to be unstructured. While the appreciation of the criticality of identifying the board members exists, there are very few formal channels available for the purpose. Future Options provides Board recruitment services using a structured approach.
Each organisation is unique. The board is collection of expertise in diverse areas, integrated into a cogent group to provide the corporate leadership for the success and sustainability of the organisation. Therefore, the profile of the candidates required to fill each board position can vary. The common areas of expertise in generally the following:
· Corporate governance
· Technical /Industry expertise
· Strategic thinking
· Risk management
The board members are expected to bring profound professional expertise and high-level problem-solving skills to the table.
Using its network of the Board-members and Senior Executives established over a decade, Future Options is in a position to identify the right candidate for board positions. We maintain the transparency with both the company and candidates in the entire process such that relationship is built on clear understanding of the scope of the opportunity and the commitment required to fulfill the roles effectively.
A competitive remuneration structure is an important dimension of boardroom success. While the board-members are eager to make a positive contribution to the success of the organisation, a competitive remuneration is essential to make the relationship sustainable. However, accessing the information on what is the ‘right’ remuneration, can be difficult for most organisations.
Future Options’ Boardroom services is valuable in this context. Future Options collects, analyses and presents board remuneration data of the comparators in the market with the accuracy, reliability and the independence. We conduct remuneration surveys across diverse industries and sectors.
The remuneration to the Board members can include the following:
· Retainer Fees
· Sitting Fees
· Hotel accommodation allowances
· Per-diem for local and international travel
· Other benefits such as club memberships
The responsibilities and scope of authority of the Board is vast. The members should be able to provide the strategic direction and guidance to the management and uphold the vision, mission and values of the organisation. The members should be able to navigate the key governance issues and unwritten rules of corporate boards.
Future Options Board training and development programs are designed to help both the experienced and the first-time directors fulfill their roles effectively.
A well-conducted evaluation helps the Board and its Committees to maximize their performance. The board evaluation can also be viewed as a corporate governance issue.
The evaluation should be based on the corporate best practices and consistent with the Board and Committee charters of the company. The evaluation needs to be comprehensive, objective and relevant.
Future Options provides a cogent framework and practical tools for the board evaluation.