Trey Muldrow Offers Advice for Incoming Corporate Board Directors
Trey Muldrow, a partner in Akin Gump’s corporate practice, is quoted in the July issue of Corporate Secretary magazine in an article that discusses key considerations when new directors join a corporate board.
Muldrow observes that boards often look for specific experience they do not already have, and recognizing this in advance will give the new board member a greater understanding of “what you’re expected to bring to the table.” Being aware of “certain limitations” of fellow board members, he adds, will prepare the incoming director for “future efforts he or she might have to make in order to garner support when trying to execute a strategy designed to take the business in a new direction.”
Doing research on current board members, such as asking how they joined the board or if any of them worked together previously, can help a new director obtain “a sense of how constituencies are established,” Muldrow explains, since there may be certain dynamics related to a director’s tenure that are not readily apparent. Finally, Muldrow suggests that a board candidate ask the person supporting his/her candidacy if there is a smaller group of directors that “socializes a decision-making process” before a formal proposal is made to the board. This, he says, will be beneficial when ensuring that one’s voice is heard.
Muldrow has discussed this topic previously, including in an article he co-wrote for Thomson Reuters’ Business Law Currents. In “Due Diligence Considerations for Nominees,” found here, Muldrow provides advice for prospective board nominees on issues they should consider and the questions they should ask prior to joining a board.