INED & BARC Chair, Payments Institution
Increasingly, INED roles are being placed with external search firms who can guarantee real independence and rigour in identifying key board talent.
This role was key as it would serve as both an INED and Chair of the Audit & Risk Committee for a regulated entity who had recently gone through significant change.
The bar was high as a major shareholder was a global regulated financial institution and this appointment was to be under significant scrutiny.
This appointment was replacing a VC board member who was rolling off and there was a time pressure element to the search.
The Client
This client was a regulated Payment Institution operating on a global scale.
They were going through a period of significant change on a number of fronts.
Market Conditions
The INED market for regulated entities is unique, dynamic and evolving.
Historically, INED roles were appointed almost exclusively through a personal network or a professional services firms' network - ie: your solicitor or your accountant.
The need for true independence and the understanding of the impact of getting a board appointment right has changed that and we have been increasingly busy with board appointments.
This has changed the market yet there are constraints on the market, particularly for regulated institutions - conflict of interest, limitation on day count, requisite experience for more technical positions (eg: BARC Chair).
The Search
A thorough understanding of the requirements from multiple stakeholders was distilled into a comprehensive target profile, agreed by the stakeholders.
This was a key piece of work as there was some divergence on requirements.
Once agreed, red line requirements were fulfilled with a longlist, identified through both network and opensource research, and a thorough interview process.
In all, 10 days from terms to shortlist delivery ensured a streamlined process backed by rigorous search.
Outcomes
An initial shortlist of 4 profiles were presented and interviewed before being filtered over three rounds resulting in two closely matched prospective INEDS.
A preferred candidate was identified and offered - which was duly accepted.
This led to additional executive search work after a successful and well managed INED search.