Spotlight on PCGS 2026: Venita Fields

As we ramp up for The Private Company Governance Summit 2026, which will take place June 10-12 in Washington, D.C., we are speaking to our panelists to get a bit of insight on the topics they will be discussing at the event. Today, we speak with Venita Fields, director of Field Fastener and IMA Financial Group and chair of Lifespace Communities Inc., about the subject matter of “Who Belongs on Today’s Family and Private Company Board?” the session she will be participating in at PCGS 2026.

Private Company Director: How can a board ensure that it is built for what the company is becoming, as opposed to the company it used to be?

Fields: This simply stated question requires a complex answer rooted in the company’s commitment to change and transformation. The answer begins and ends with an effective and strategically focused, forward-thinking nom/gov Committee. An effective board recognizes that “past performance does not guarantee future results.” The skills that resulted in the company’s current success and effectiveness may be insufficient to lead the company into the future. Boards continuously urge management to upgrade its team members to face emerging trends and challenges. Corporate boards must engage in the same process to successfully navigate change.

Historically, traditional boards are built around three committees: audit and risk (financial condition); compensation (senior leadership team talent acquisition and retention) and nom/cov (ethics/governance policy, board composition and board succession planning).   The nom/gov committee, however, is in many respects the “supreme” or “uber” committee.  It is charged with evaluating the board’s effectiveness and current skill set and aligning those skills with the company’s long-term corporate strategy.
 

Effective nom/gov committees undergird the entire board because its vast responsibilities affect the outcomes of every committee. Nom/gov:

• Recommends which directors should serve on the various board committees.
• Leads the periodic review of all committee charters and updates the purpose, roles and responsibilities, when appropriate, that advance and support corporate strategy.
• Develops plans for board leadership succession and often participates in or leads the CEO succession planning process. 
• Coordinates director orientation and education.
• Leads the board’s annual performance and self-assessment process. It grades the board effectiveness, its committees and individual directors. 
• Identifies skill gaps using a capabilities matrix and actively engages in recruiting directors that fill those identified gaps.

Effective nom/gov committees ask the following questions:

• Do we have the right minds and skills around the table to add value and oversight?
• Have we developed succession plans for future committee leadership and do we have an actionable plan for board refreshment?
• Do our board members have capabilities that help the company meet emerging trends and challenges?

It takes courage for the nom/gov Committee to encourage the board to institute term limits. Term limits provide space to bring board members that add new skills and experiences needed to move the company forward. If the full board supports this approach, it will be in the best position for continuous improvement and transformation and to support the company that is becoming.To hear more from Venita Fields, register today for The Private Company Governance Summit 2026.