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.
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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.
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The bar was high as a major shareholder was a global regulated financial institution and this appointment was to be under significant scrutiny.
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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.
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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.
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Historically, INED roles were appointed almost exclusively through a personal network or a professional services firms' network - ie: your solicitor or your accountant.
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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.
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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.
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This was a key piece of work as there was some divergence on requirements.
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Once agreed, red line requirements were fulfilled with a longlist, identified through both network and opensource research, and a thorough interview process.
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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.
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A preferred candidate was identified and offered - which was duly accepted.
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This led to additional executive search work after a successful and well managed INED search.