This piece is part of a series of observations from our past Directors to Watch, encompassing the ways board service has changed since they received the honor and what they are doing to ensure they continue to thrive as board members amid an evolving landscape.
M. Jay Heilbrunn
Directors to Watch 2017
Top Notch Distributors Inc. and Excab Inc.
Since being selected as a Director to Watch, my board service has continuously become more interesting and important. The businesses for which I am on the board have continued to mature and have grown significantly. A lot of this has to do with comprehensive governance provided by independent directors and family members. Board service is somewhat harder, as I have taken on leadership of several committees, which have experienced increased responsibility.
The key issues in 2017 initially were board formation, creation of charters and development of an understanding of the values a board can provide. Today, the issues are more agenda-driven. They deal with growth, market dynamics, management succession, sophistication of advisor roles, regulatory issues facing private companies and a broad variety of risks facing businesses today.
Looking to the future, private company boards will most likely require more time as issues expand and become more complicated. Beyond quarterly board meetings, more interim meetings will be required due to more rapidly changing economic and environmental conditions. Also, the impacts of competition and the nature of how businesses work will require more board diligence.
Having served as CEO and president of several companies, and on many industry and nonprofit boards prior to my private company board experiences, has served me well in the journey.