Corporate board work has become an increasingly significant area of our search practice. The following represents an outline of our approach to board searches:

1. Search Start Up: We conduct an in-depth discussion with our client concerning their board philosophy, their immediate director needs, and what will be required in three to four years. Included would be the size and composition of the board, desired industry representation, functional expertise, age, minorities, education and geographic backgrounds. A written specification is then prepared to summarize this discussion and to serve as a blueprint for the search.
2. Research Phase: Through our staff and research departments in the U.S. and abroad, contacts with our established sources and other means, we develop names of qualified prospects, along with their backgrounds and experience. Any suggestions the nominating committee might wish to make would be incorporated. We review published information in order to eliminate obvious product and meeting date conflicts. A list of key prospects is then presented to the client.
3. Candidate Selection: This list is reviewed with the client and the nominating committee in order to determine and prioritize three or four primary candidates. We then conduct further checks to obtain as much updated information as possible.
4. Candidate Recruitment: At this time, we determine how the candidates are to be approached, i.e., by the client, by a member of the nominating committee, by one of the directors or by Vell Executive Search. The initial conversation with the candidate should include discussion of what is expected of a director, board meeting dates, committees, compensation, D&O insurance, etc.
5. Offer: Once the preferred candidate has been selected, the client and the nominating committee should meet with him or her to extend an invitation to join the board.

Directorships are very sensitive in nature on both sides, and it is incumbent upon the Chairman/CEO to extend the type of professional considerations to directors that he or she would expect, or that he or she would give, to any newly hired, top ranking officer of the company.