Attributes in demand to get to the right mix.

• Position: BOARD COMPOSITION

Ed. Note: In its "Top 10 Topics for Directors in 2013" Corporate Alert, law firm Akin Gump Strauss Hauer & Feld LLP identified what it projected to be the "list of hot topics for the boardroom" this year (see box). Following are the report's observations addressing the seventh of the specific issues on the list--board composition.

With increasing globalization and changing marketplace dynamics, it is essential that boards of directors have the right mix of experiences and competencies to oversee the new opportunities and risks their companies face. While industry experience and financial expertise remain the most sought after skills in director candidates, according to PwC's Annual Corporate Directors Survey, some other attributes that boards should consider include:

* IT/Digital Expertise. In one recent study by Oliver Wyman and the National Association of Corporate Directors, over 99% of the directors surveyed believed that information technology would have a significant impact on their company in the next five years, yet almost half (47%) were dissatisfied with their board's ability to oversee IT risks. Insufficient expertise at the board level was the most often cited stumbling block to effective oversight.

As mobile technologies and social media play an expanding role in business, boards of almost all companies would benefit from the addition of a digital-savvy director. To fill this void, boards may have to step out of the box of traditional director traits and tap candidates who are younger and have less conventional backgrounds.

* International Experience. About 40% of the profit of S&P 500 firms now comes from overseas. Companies seeking to enter international markets or further expand their global reach may well benefit from the insights of a director with international experience. According to a recent survey by Heidrick & Struggles and Women Corporate Directors, U.S. directors ranked international expertise as the second most missing or underrepresented skill on their board, second only to technology expertise.

* Diversity. Boards need to consider the extent to which diversity should be a factor in the optimal mix of attributes and skills needed for an effective board. "Pale, male and stale" is a phrase that is often aptly applied to the boards of directors of major corporations. Although most companies say that they are committed to diversity, minority and female representation on boards has barely budged in the last five...