The Client
A leading financial services conglomerate, with operations spanning banking, insurance, and asset management, needed to reconstitute its board following a strategic restructuring. The new board needed to reflect a broader mix of independent, industry, and governance expertise — and it needed to be in place ahead of an upcoming shareholder meeting.
The Challenge
Board-level searches in Banking & Financial Services carry constraints that don't apply to typical executive hires: absolute confidentiality (any leak could move markets or unsettle stakeholders), strict regulatory fit-and-proper criteria for each appointment, and a very small pool of genuinely qualified, conflict-free candidates. The client needed 10 board positions filled — including independent directors, audit committee chairs, and risk specialists — within 60 days, with zero compromise on governance standards.
Our Approach
- Confidential search protocol — All outreach was conducted under non-disclosure, with candidate identities and the client's identity shared only on a need-to-know basis throughout the process, run by MMC's Board Consulting & Director Search practice.
- Governance-first mapping — Before any outreach began, MMC mapped the board's skills matrix against regulatory requirements, identifying precise gaps in audit, risk, technology, and ESG expertise.
- Conflict and fit-and-proper screening — Every candidate was pre-screened for conflicts of interest, cross-directorships, and regulatory fit-and-proper criteria before being presented — avoiding delays later in the approval process.
- Structured board interviews — MMC coordinated a structured interview and reference process involving the nomination committee, ensuring consistency across all 10 appointments.
The Result
A diverse, high-calibre board of 10 directors was assembled within 60 days, with a 100% acceptance rate across all offers extended. The new board was in place ahead of the shareholder meeting, with no breach of confidentiality at any stage of the search.
"This was as sensitive a search as they come. MMC managed it with the discretion of a private bank and the rigour of a regulator — and delivered a board we're genuinely proud of." — Group CHRO, Financial Conglomerate