Pete Underwood, a Partner at Foley & Lardner LLP, moderated “Director Recruiting,” a panel presentation at Foley & Lardner LLP’s seventh annual National Directors Institute, held on March 6, 2008, in Chicago. Other panelists included Charles King, Managing Director of Korn/Ferry International; Christine Marx, General Counsel and Corporate Secretary of The St. Joe Company; Adam Ross, Associate Vice President of NASDAQ; and Stephanie Streeter, Director of Kohl’s Corporation. The presentation focused on the issues and challenges associated with the recruitment of qualified candidates for membership on a corporation’s board of directors. Among the issues discussed were the various processes generally followed in recruiting a new director, including the particular skill sets commonly desired in director candidates; the obstacles and impediments frequently faced by corporations in the recruiting process, including the effects of the Sarbanes-Oxley Act on director recruiting and the increased time commitment typically required of directors in carrying out their duties; and the definition and desirability of diversity in the board room.
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