Board Member Services
Board of Director Member Services
- Mark Hartsell, MBA, to join as a Board of Director Member
- Advisor to CEOs for over 16 Years on all Aspects of Growth, Funding, M&A
- Former Founder and CEO of a Software Company with a Successful Exit
- 39 Years of Business and Management Experience
- 30 Years of Experience in Mergers & Acquisitions
- 25 Years of Experience in Raising Growth Capital; PE Firm / VC Relationships
- Turnarounds, Cost / Expense Reduction; Interim, Fractional CEO and CFO
- Expertise in Management Team Building; Incentive Bonus Plans; Retention
- Note: Requires the company to commit to Directors’ & Officers’ insurance with a minimum of $3 million in coverage.
Board Recruitment Services
- Define the Company’s Needs and Management Gaps
- Interview and Assess the CEO and Management Team
- Create the Recruitment Profile of Targeted Board of Director Member(s)
- Initiate Recruitment for the Needed Board of Director Member(s)
- CEO Advisor Schedules and Conducts Initial Interviews and Documents the Interviews to Review with the CEO / Company
- Review the Top Candidates with the CEO / Company, and Schedule the Second Interviews
- Conduct the Second Interviews along with the CEO / Company and the Targeted Board of Directors
- Recap and Document the Second Round of Interviews with the Board of Director Candidate(s)
- Review the Second Interview(s) with the CEO / Company
- Work with the CEO / Company to Create an Offer for the Selected Board of Director Candidate; Secure the Signed Offer
New Diversity Requirements for Boards of Directors of California-Based Publicly Held Corporations
The bill defines a “director from an underrepresented community” as “an individual who self-identifies as Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, or Alaska Native, or who self-identifies as gay, lesbian, bisexual, or transgender.”
By December 31, 2021, all publicly-held corporations headquartered in California must have at least one director from an underrepresented community on their boards. By December 31, 2022, covered corporations with boards of nine or more directors must have at least three directors from an underrepresented community on their boards; covered corporations with boards of more than four but less than nine directors must have a minimum of two directors from an underrepresented community on their boards. Corporations are permitted to increase the number of directors on their boards to comply with these requirements.
Beginning March 1, 2022, the California Secretary of State will publish annual reports documenting compliance with AB 979. Companies that fail to comply by the deadlines will be fined $100,000 for the first violation and $300,000 for subsequent violations.
What this means for employers: Covered corporations should start preparing for the December 31, 2021, deadline, including – if necessary – expanding their boards to comply with these requirements and/or making hiring decisions.