Diversity matters.

One thing a person cannot do, no matter how rigorous his analysis or heroic his imagination, is to draw up a list of things that would never occur to him.”
— Thomas Schelling, Economist and Nobel laureate

Prioritize Board Composition & Refreshment

Beyond the responsibilities we assume that are directly related to a capital raise or an M&A mandate, we also enjoy leveraging personal and professional experience and relationships to guide our clients on board strategy and optimization.

As a trusted advisor to the industry for almost three decades, Whelan Advisory founder, Margaret Whelan, has often expressed her concerns about PMS (Pale, Male, Stale) on housing and construction company boards. The challenge these boards face is that they are male dominated, and often stale and entrenched, as age and term limits are rarely established or enforced. Without refreshment, companies miss out on new or innovative strategies, while long serving directors are no longer considered independent by many shareholders. Of the 693 directors who participated in PwC’s 2020 Annual Corporate Directors Survey, 49% believed that at least one fellow director should be replaced.

Cartoon of a meeting with identical people lacking fresh ideas. One person speaks, holding a phone, while others sit at a table. A flipchart labeled "Plan A" is nearby. Caption reads: "Why don't we have any fresh ideas around here?"

Diversity has proven to be a competitive advantage, and as such is a real business opportunity.

Board composition is increasingly being scrutinized, as investors are demanding that directors be capable, engaged, and diverse–and regulators and underwriters agree. As such, assembling a board that is committed and well regarded has never been more important. 

Seasoned independent directors add tremendous value by providing sage advice and by sharing critical business and industry perspectives. Through their commitment to the board, they serve as ambassadors and endorse the company. Additionally, establishing a diverse board enhances a company’s ability to attract and retain a wider range of talent throughout the organization.

We direct our clients to identify the desired skills and core competencies, filling these roles with capable and diverse candidates, recruiting committee chairs that are skilled and collegial, establishing and delivering an effective onboarding program, and enforcing appropriate age and term limits to continuously refresh the board without causing disruption.

We also offer guidance on the optimal size and composition of boards. We seek to position our clients to avoid the potential for unwelcome attention by focusing on establishing a strong board initially, employing a robust evaluation and education process, and committing to regular refreshment.

Our Professional Experience

Disclaimer: Testimonials may not be representative of the experience of all customers and are not a guarantee of future performance or success.