The Revolving Door from Government to the Boardroom
An increasing number of board appointees to corporate boards have been political leaders, including former members of congress, cabinet officials, heads of federal agencies, military chiefs and state government heads, including governors. Board service can be a lucrative and rewarding career path for former political leaders.
“It’s common and appropriate for boards to target former politicians to serve as board members,” says WittKieffer CEO Andrew Chastain, speaking to Eve Tahmincioglu and Barbara Wenger for their recent article in Directors & Boards. “A well placed former public servant can assist the board in making strategic decisions informed by rich understanding of the current environment. While these board members may wield some political influence, what they really do is to check off an important strategic competency box — the ability to provide intelligence on how things work in the legislative arena.” He adds: “Former political or government insiders ensure that governance decisions are made within the context of their political or legislative implications.”