There is more and more interest in the ESOP community in having board of directors members who are not executives of the private ESOP company, and who also have experience in ESOP management and culture.

 

These persons are referred to as “outside” board members.

 

The interest in having “outside” board members arises not only from a growing realization that an ESOP company, particularly one owned 50% or more by the ESOP, is a hybrid corporate entity neither publicly traded with many shareholders nor truly private as the company has many persons who are beneficial owners, but also the very real fact that more and more plaintiffs’ lawyers are targeting ESOP companies for lawsuits that target what are really “board” business judgment decisions.

 

Because of these concerns and company interest, the Association receives phone calls asking for help in identifying potential “outside” board members.

 

The Association, for nearly 10 years now, has maintained, for its members, a Board Registry listing the men and women with membership status in the Association willing to serve as outside board members.

 

If interested in obtaining a copy, or in having your name added to the list, just contact Sharon Spencer, Sharon@esopassociation.org, and let her know. A copy of the Board Registry is available in the Members Only section of The ESOP Association’s website as well.

 

There is no fee required to use this unique ESOP Association member service.