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Bank , based in Rancho Cordova and one of the region ’ s companies affected by the new law , will need to bring on one board member from an underrepresented group this year , and the bank is committed to having a board that looks like the community it serves , says president and CEO David Ritchie . But finding someone is complicated in these circumstances . “ These are serious roles on public companies ,” he says . “ You kind of want to press the flesh a little bit before you put someone on your board .”
Rich says companies might work around that by inviting prospective board recruits to trial interactions with boards , like sitting in on a virtual working session to check out how they communicate and what they bring . And , at least for now , candidates and interviewers may meet outside at a distance to have a drink , she says .
A virtuous cycle could take hold as companies bring on directors with nontraditional backgrounds . Ultimately , firms that are able to get a wider range of representation on their boards may find the traditional networking approach to board recruitment works in their favor . That ’ s because having a diverse board makeup means there are at least a few on the board who themselves have nontraditional networks they can reach out to .
And if more diversity does lead to better corporate performance , it makes the company more attractive to a wider range of board candidates . “ We really bank on our name and our technology , and from those I think we find greater opportunity with ( board ) applicants ,” says Clyde Montevirgen , vice president of business development and investor relations at Davis-based Marrone Bio Innovations , which is also affected by the new law . “ It ’ s hard to find candidates when a company is struggling . So it ’ s having the right combination of everything ,” he says .
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Steven Yoder writes about business , real estate and criminal justice . His work has appeared in The Fiscal Times , Salon , The American Prospect and elsewhere . Online at www . stevenyoder . net and on Twitter @ syodertweet .
92 comstocksmag . com | March 2021