Board Diversity and Director Qualifications

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Director Notes: The 2010 Proxy Season

The analysis of disclosure included in 2010 proxy statements by some of the largest U.S. public companies shows that a wide variety of attributes, skills and experiences are being considered for the purpose of determining the most qualified individuals to serve on the board of directors. All of the surveyed companies cited leadership roles and at least one director’s experience in the company’s industry or a closely related industry as a consideration. Even though all of the financial institutions pointed out risk management as a critical skill, only two non-financial institutions explicitly mentioned this expertise. All companies said that they consider diversity in identifying nominees for director.