Directors from academia can fill gaps in talent: there are three types, and each can make a distinctive contribution to a board's deliberations.

• Author: McGovern, Gail J.
• Position: GUEST COLUMN

INCREASINGLY, U.S. public companies are turning to academics as nonexecutive directors. Spencer Stuart reported that 10 percent of new independent directors appointed in 2005 came from academic or nonprofit backgrounds, compared with 2 percent in 2000.

This shift is attributable in part to availability. In a tougher corporate governance environment, with greater time commitments required of independent directors, it is not feasible for senior line managers--CEOs and CFOs--to serve on more than one public company board other than their own. The experience gained must also be offset against the financial and reputation risk, both personal and corporate, in a post-Enron world. Additional criteria for qualifying as an independent director, including restrictions on interlocking directorships, further limit the availability of CEOs and others in the business community for board appointments.

Academics can help to address the resulting gap in the talent pool. There are three types of academics serving on company boards: the specialist, the ex-practitioner, and the administrator.

The specialist brings expertise in a particular topic or subject area relevant to the company's strategy. For several decades, university scientists have been appointed to the boards of pharmaceutical and other research-intensive companies. These outside directors can connect their companies to the scientific community, to cutting-edge research, and to pools of doctoral students interested in thesis research and employment opportunities. The inclusion of scientists on boards reflects the important partnership of the private sector, universities, and government funding agencies in sustaining U.S. research and development leadership.

A second type of academic candidate for public company boards is the former senior executive who has switched career paths to become a professor of practice at a leading business or law school. Such candidates already know the dynamics of the boardroom and therefore can bridge the two cultures. Academics at professional schools are typically allowed one day per week for outside activities, partly so they can connect with the real world and bring that understanding back into the classroom, partly to alleviate the compensation gap between academic salaries and real-world compensation of professionals with comparable talents.

The third type of academic is the senior university administrator, often a specialized academic by training but...