Finding Board Candidates
Diversifying where you look diversifies who you find. Broadened perspectives strengthen decision‑making.
Selecting directors starts with clarity about the organisation’s future direction and the capabilities needed to support it. Effective boards take a deliberate and structured approach to assessing their existing strengths and gaps, ensuring new appointments bring the strategic insight, judgment and foresight required to navigate emerging risks and opportunities.
Finding these directors means looking beyond traditional networks. High‑performing boards source candidates from a wider range of professional and market backgrounds, recognising that diversity of experience – whether in industry exposure, functional expertise or perspective – enhances resilience and sharpens strategic decision‑making. When boards combine clear strategic needs with broadened sourcing and thoughtful evaluation, they are better positioned to appoint directors who can realise the organisation’s ambitions over the long term.
Practices for building a candidate shortlist
- Start with a forward-looking skills matrix
This maps board needs against long-term strategy and identifies gaps in capabilities, perspectives, and strategic experience.
- Expand the search beyond traditional profiles
Broaden the search beyond typical CEO, finance, accounting and legal profiles to include candidates with emerging expertise, first-time directors, and senior leaders still active in their careers. Consider demographic and cognitive diversity alongside skills-matrix needs.
- Require diverse candidate slates
Include women and broader diverse talent in candidate slates and interviews to widen access to high-calibre candidates who may be otherwise overlooked by traditional sourcing channels.
- Tap multiple channels for recommendations or engage a search firm
Diverse sourcing – through networks, professional bodies and industry associations – broadens the diversity and quality of the candidate pool. Search firms offer broader market access, objective guidance and greater transparency throughout the search.
- Use structured, transparent selection criteria
Define the core attributes needed (eg., strategic acumen, governance judgment, independence of thought, collaborative style, and relevant domain expertise) and apply consistent criteria for fairness.
- Assess contribution style, not just expertise
Evaluate how candidates think, challenge assumptions, and work in a high stakes, high trust board environment. This includes interviewing for judgment, curiosity, independence, and the ability to collaborate constructively.
- Conduct thorough due diligence early
Check governance track record, reputational considerations, conflicts of interest, and availability.
Too many times the thinking is: ‘We know what’s out there, we know who’s out there. We’ll just appoint the people we know’ rather than ‘let’s take a meaningful look at the wider pool of people and try to bring much more diversity to the board’
Euleen Goh, Director HSBC Bank PLC
Channels to source for Board Candidates
Professional Bodies and Networks
Channels that connect you to established industry associations and peer networks where experienced leaders and emerging talent actively engage.
Board Matching Services
Platforms that match qualified candidates to board roles using structured criteria, governance experience, and organisational needs.
Executive Search Firms
Specialist firms that conduct targeted, confidential searches to identify high calibre board candidates with the capabilities to meet strategic and governance priorities.
The Council for Board Diversity
The Council for Board Diversity is part of the wider ecosystem that supports organisations on their journey toward greater board diversity. Organisations are welcome to approach CBD for guidance and recommendations of board-ready women candidates.
The board recruitment ecosystem comprises a wide range of organisations and services. The resources listed above are illustrative rather than exhaustive, and their inclusion does not imply endorsement by, or a formal partnership with, the Council for Board Diversity (CBD).
STATEMENT OF GOOD PRACTICE
In partnership with five leading international executive search firms, Egon Zehnder, Heidrick & Struggles, Korn Ferry, Russell Reynolds Associates and Spencer Stuart, the Council for Board Diversity (CBD) developed a set of best practices for board search criteria and appointment processes in Singapore.
Launched on 15 January 2015, the Statement of Good Practice in Executive Search for Board Directors established a benchmark for the recruitment of board directors in Singapore, promoting a more rigorous, transparent and inclusive approach to board appointments.
CBD continues to encourage executive search firms and organisations to adopt the professional practices and processes set out in the Statement, supporting the ongoing advancement of good governance and board diversity in Singapore.
Statement of Good Practice in Executive Search for Board Directors
The Diversity Action Committee, together with five leading international executive search firms, namely Egon Zehnder, Heidrick & Struggles, Korn Ferry, Russell Reynolds and Spencer Stuart, have come together to define the best practices in search criteria and processes relating to board appointments in Singapore. This collaboration is an unique initiative in the local context, defining the standard for recruitment of Board Directors among corporates based in Singapore.
Launched on 15 January 2015, this initiative recognises the importance of director choice in improving board effectiveness and corporate governance. Collectively, we share our convictions with companies who use our services in order that they may join us in subscribing to the professional practices and processes outlined in the Statement.
- Board Composition & Progressive Board Renewal
When taking a specific brief, the executive search firm should regard the assignment in the context of the needs of the Board as a whole to serve the interest of the company going forward. The firm should support the Board in performing an analysis of what other capabilities are or will be required to serve corporate strategy in the immediate future as well as medium term. The conclusions will be reflected in the competencies used to guide the selection of new directors. Risk management considerations should be raised if not already covered in the brief. With ever shorter product lifecycles and proliferation of disruptive competition, Boards that draw their directors from different pools of experience, expertise and social background, would be better equipped to recognise and meet their challenges. Search firms should encourage Boards to actively pursue diversity. Search firms should also engage with clients in developing a board renewal plan that would allow both broadening and progressive rebalancing of capabilities within the board for its continued optimal functioning to serve the interests of the company. - Broadening Candidate Pool and Selection Criteria
To widen the pool of top calibre and diverse candidates for evaluation, search firms should encourage clients to define a broader set of search criteria in addition to having candidates with prior experience as a board member/CEO. Particular attention should be paid to candidates with relevant experience in emerging industries and areas of specialisation. Non-traditional sources should be tapped whilst bearing in mind that candidates should have both depth of expertise as well as sufficient breadth of knowledge and skills to contribute across the entirety of the board agenda. - Supporting Diversity with Women on Boards
Women represent an increasing share of purchasing power at wholesale and retail levels. Yet many companies have an under-representation of women in their boards. To assist their clients in rectifying the situation and providing diverse slates of candidates, search firms should ensure that 20-25% of the candidates are women. Search firms should also aim to have clients interview at least one qualified woman candidate. - Evaluation & Selection
Search firms will prepare candidates for interviews and guide them through the process. Particular attention will be paid to first-time candidates. Search firms will assist clients in their evaluation of each candidate on the shortlist, with advice and comparative reference material, highlight areas in candidates’ profile for attention and clarification in order to make a fair and objective evaluation. In addition to evaluating candidates’ skills and experience, search firms will point out the team dynamics of current boards and how shortlisted candidates’ personal characteristics could complement the boards. Desired personal characteristics for board appointments include courage, diplomacy, wisdom and integrity. In the final selection, search firms will always remind clients to check if the final selection is aligned with the board composition and progressive board renewal planned at the beginning of the search process. - On-boarding/Follow-up Processes
Search firms should advise clients on the changes in team dynamics when diversity is introduced and how best to induct a new director and prepare the board in order to benefit more fully from diversity. Search firms may offer other services as an on-going support to diversity on the board.
