SEC Makes Board Qualification Announcement

by TK Kerstetter, for The Board Blog at Borardmember, December 29, 2009.

Just as we are debating the merits of the SEC proposed disclosure of director and nominee qualifications for board service in the blog below, the SEC formally adopted its expanded governance and executive compensation disclosure rules on December 16.  The bad news is that abuses by those who embellish their bios as well as the tendency for those reading resumes to overanalyze what is written will continue. So we’d first better prepare ourselves to overcome those challenges. The good news is, even though I still view the formality of the qualifications exercise as a waste of human assets, time, and money, the act of requiring boards to give careful thought to who serves and what skill sets they bring to the board can only be a positive to improving boards overall.

I would have preferred that director qualifications not be regulated, but I understand that too many outside groups felt that with all that has occurred, director selection and board composition must be flawed—so much so, that the withholding of votes and board evaluations would not be demonstrative enough to provide the kind of change the public and Congress demanded…(continue reading)


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