In this recent post: "Onboarding New Directors: Beyond the Board Manual," Nasdaq SVP & Corporate Secretary and Society member Joan Conley shares the key components of Nasdaq's new director onboarding process. Although these kinds of governance processes should be tailored to each company's particular facts and circumstances, these key components - which collectively reflect a robust and dynamic onboarding program - are grounded in basic principles that, for the most part, are adaptable to the vast majority of companies and are worth consideration.
Notably, the process includes:
- An onboarding educational process that encompasses: (i) providing the director with basic information of the type frequently included in a new director packet/orientation binder, (ii) face-to-face meetings with key executives & business unit managers, and (iii) required reading materials
- Mandatory audit committee membership for the learnings that necessarily result from that role
- Assignment to a seasoned director mentor
- Customization based on the new director's unique skills and attributes
- Ongoing opportunities for knowledge-sharing between directors and executives and business unit leaders, and learning via Corporate Secretary push-out of relevant information
- Rotating committee memberships
- Monitoring the new director's fit and performance, and addressing any issues if/as warranted
- Soliciting feedback from new directors on the onboarding process, and tweaking as appropriate