Board renewal is a major issue in corporate Aust. Not only do NEDs sit too long on Boards, but they all get recycled, just hopping from one Board to the next. The problem is that a success in yesteryear is deemed a right to stay on today, even though the environment has, in some cases, completely changed.
Some public companies and many private ones in the UK and USA reserve a NED position for an elected worker representative, giving the Board a valuable touchstone to the issues of the "common man". Their term is short (as short as one year, as long as three), ensuring a turnover of ideas. With large Boards (ie, over 8 members or so) I often wonder if this might be an experiment worth undertaking?
NAB Advice Please, page-9
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