Thomas Cook worked with a “search and talent” consultancy earlier this year to evaluate the performance of its board of directors and identify skills and experience gaps.
Consultants Wickland Westcott were appointed by chairman Frank Meysman and carried out what was described as a “standard board review” in March following a challenging period for the business.
According to the UK Corporate Governance Code, FTSE 350 companies are required to appoint an external facilitator to carry out a board review every three years.
Cook has made a number of major management changes this year, including the appointment of new chief executive Harriet Green in July and the departure of a raft of senior managers in the months since her arrival. Its full year results are released on Wednesday (November 28).
In a release issued by Wickland Westcott, Meysman said the consultants “developed a thorough process to engage with our current board members, senior executives and external advisors”.
“The team quickly gained a solid understanding of the key issues and supported me, as a recently appointed chairman, in evaluating the skills and experience gap on the board.
“The team’s professional delivery of its report at our board meeting promoted a high level debate, resulting in a number of agreed actions which we will execute over the coming months.”
Keith McCambridge, talent consultant at Wickland Westcott, who led on the programme’s design and delivery, said: “Our approach to the evaluation at Thomas Cook was to focus primarily on the dynamics of the board in terms of personalities and relationships, rather than just the corporate structures and procedures in place.
“A board evaluation can be an emotionally-charged process but, as an external assessor, we were able to take an objective approach.
“Our programme encouraged open and honest discussions within the team, which enabled them to address any issues and set a number of agreed actions and objectives in line with its refreshed business strategy.
“This aligned approach will help drive the company forward and ensure the team is prepared for any future challenges.”