Private Company

Chairman, Board of Directors | WCF Insurance

How have you seen a board contribute to the strategy of a company?

Every year at WCF Insurance, we have an annual two-day retreat with senior management where we debate, discuss and agree upon a five-year plan.

When have you seen a board and management work together to navigate a complex challenge?

[WCF Insurance] had been a state agency for 100 years, and we were experiencing great success in that realm. However, management and the board realized we would have to disassociate from the state if we were going to provide our employees with opportunities for growth and advancement and effectively serve our policyholders who were expanding operations outside of Utah. The process of becoming totally independent from the state, becoming a tax-paying entity and expanding insurance coverage was a major effort requiring collaboration between management and the board.

What should companies look for in a board member to ensure a great cultural fit?

Seek the best people who will bring a diversity of thought, background and experience related to your business objectives. Don’t look for people who will just support management; look for people who will challenge management and help them become the very best they can be. Find men and women who are absolutely honest and forthright and demonstrate unquestioned integrity.

How have you seen good corporate governance strengthen a company?

When looking for board members, the [WCF Insurance] board and CEO look for people who understand business and have the background and experience that will help senior management better manage the company. As an insurance company, we have board members who are skilled and trained in actuarial issues, tax matters, accounting, investing, legal matters (especially focusing on human resource issues) and insurance regulatory matters. This intentional board composition has resulted in healthy discussions among the board and senior management and a better-defined direction for the company.