Directors to watch 2010: new rules from the SEC bring sharp focus to the issue of diversity on boards. This group of accomplished executives exemplifies the diversity of talent that is adding value to boards.

• Author: Chase, Scott
• Position: DIRECTORS TO WATCH

THE SECURITIES AND EXCHANGE COMMISSION last December announced a series of new rules "to enhance the information provided to shareholders so they are better able to evaluate the leadership of public companies." These new rules address concerns ranging from the relationship of the company's compensation policies and practices to its risk management, the background and qualifications of directors and nominees, board leadership structure, potential conflicts of interests with compensation advisors, and other matters.

If the Year in Governance 2009 could be said to have ended on this note of involvement by the federal government in board composition, the year 2010 is seeing this involvement play out. The SEC's new disclosure requirements announced in December--including "the consideration of diversity in the process by which candidates for director are considered for nomination"--became effective on Feb. 28.

At DIRECTORS & BOARDS, we have long championed diversity at the board level, partnering with organizations such as Boardroom Bound, the National Association of Corporate Directors, Women in the Boardroom, and others, to chronicle the steady march of diversity as it changes the face of corporate America and its boardrooms. Our own Directors Roster quarterly statistics show a surge in the appointment of women directors: for 2009, women made up 39% of the total number of new directors we tracked, up sharply from 25% in 2008 (see page 67).

While that statistic is, admittedly, a snapshot in time that does not reflect the composition of Fortune 1000 and other boards, it does point to an expanding role for women and professionals of diverse cultural and ethnic backgrounds at the highest levels of leadership, one that has been shown to yield significant benefits. So we are delighted to present our 2010 class of Directors to Watch.

[ILLUSTRATION OMITTED]

Scott Chase

Virginia F. Ojeda

Director, Affiliate Board, Blue Cross Blue Shield of Illinois

VIRGINIA F. OJEDA has reliably demonstrated her commitment to community leadership through action and professionalism. Her distinctive ability to negotiate and merge business with community interests is evident through her many affiliations and achievements.

Ojeda began her career of service upon completion of her undergraduate degree in sociology, earned while working full-time and raising two young sons. Ojeda's studies were to lead her to positions within the Illinois Department of Corrections and the Department of Children and Family Services, while there solidifying her commitment to improve the quality of life for the children of Illinois. Her professional career then continued with employment as the regional affirmative action manager for A&P Food Stores.

Thirty years ago, Ojeda became the first Hispanic woman in Chicago to own a McDonald's franchise. In 1997 she became sole proprietor of two restaurants and added a third store in 2004. Ojeda's restaurants have been cited annually for their quality service. In 2003 she was named to the top 10 percent of restaurant operators nation-wide and also received the Alpha award for outstanding training systems. In 2002 and 2008, her managers received the Ray Kroc Award, an award of national recognition for excellence. Her leadership and knowledge have been tapped as a member of McDonald's Chicago Marketing Committee and as a member of McDonald's National Hispanic Advertising and Marketing Initiative. She is the former president of McDonald's Hispanic Owners of Chicago-land.

Ojeda's diversity in board membership exemplifies her efforts to be of service to her community with sound business acumen, and to advance the status of women in business.

She was a founding board member of SER Jobs for Progress, the first woman to chair the Mexican American Chamber of Commerce, and has served on the executive committee of the Chicago Community Trust. She is a former board member of the Metropolitan Pier and Exposition Authority and WTTW Public Television, Chicago. Currently, she serves on the affiliate board of directors of Blue Cross Blue Shield of Illinois. Advising the Health Care Service Corporation (HCSC), she provides a local voice in analysis of the local marketplace and community need. In addition, she is a Boardroom Bound Friend and supporter.

Importance of Values: "During the board selection process, the board focuses on a director's qualifications, assessing tangible expertise and employment background as well as intangible qualities of leadership, communication, and character. Simultaneously, the director candidate assesses the match, on whether expertise and strengths meet the needs of the company via experience and knowledge. In today's world, a director must remember to assess a deeper picture: Does the company have the same value system for you to function as a productive member of the board? Do your values align with the CEO and/or chairman? If both questions can be answered with confidence, you will indeed be able to be an asset to the company."

Sheryle Bolton

Director, LiveDeal Inc.

SHERYLE BOLTON is a technology leader and social entrepreneur with start-up, IPO, and public company CEO experience. She has raised more than $100 million from angel investors, venture capital, and the public markets for the companies she has led. She has also been an executive in Fortune 100 international corporations in financial services, health care, and media.

Bolton has served as a board director for more than 20 years for public companies...