Tools: Find the Gaps

Utilizing a board matrix can identify and concretize what skills, experiences, and/or perspectives you are looking to add to your board while taking into consideration what attributes and demographics already exist. Creating a board matrix can help to make the process as unbiased as possible by sticking with the facts rather than relying on “feel,” which can often lead to homogenous groups.

About Board Matrices
A board matrix is essential to visualizing how to mold your board’s composition to address current and future company needs. The purpose of a matrix is to decipher what skillsets, experiences, and demographics are represented on your board, and the gaps which need to be filled. In order to properly assess your board (and its needs), prioritize creating a matrix which is in alignment with the organization’s strategy. If these are out of alignment, then your board will be out of alignment with the goals your organization is working towards.

Using Assessments to Build Your Matrix
While many boards use self-assessments to fill out their matrix, you may want to try to interview all directors or, resources- and time-permitting, hire a third-party consultant to do so. This process helps to ensure that the competencies (categorization, recency, scope and impact) and characteristics of the current directors are filled out consistently and objectively. Going through this process will help you to write a robust job description for new directors - a crucial step in building a visionary board.

What to Include in Your Matrix

• Use these Nasdaq instructions to know what to include in your board matrix. 
• Download our sample list of competencies, experiences and demographic characteristics below to design and fill out your board matrix. 

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Board Matrix Example
We have created an example board matrix (image preview here and Excel file available for download below) that you can customize and apply to your own board assessment and gap analysis. In the template, there are spaces open for you to fill in as you see fit, based on the needs of your organization and your board.

Additional Examples to Help Get You Started on Developing Your Matrix

• Example from the Office of New York City Comptroller
• Examples of standard board matrices from Nasdaq