But while recruiting across national borders is a positive development in terms of increasing their international perspective, there are also dangers in the geographical dispersion of board members. The chairman has to make sure, says Sanglé-Ferrière, that "not only does everyone have the same level of information, the same level of understanding but that they have it at the same time." And the chairman must make sure that the board is a closely knit team with shared views so a decision will always reflect the entire board's judgement even if, at any given time, some members cannot attend a face-to-face meeting.
 
The sudden financial meltdown in 2008 and the necessity to make board decisions very quickly dramatised the problem. Sanglé-Ferrière explains that "when you suddenly have a crisis and need to be talking weekly, the board can split into an 'inner group' of board members who are in the same country and can meet on short notice and a dispersed 'outer' group who can join by conference call but feel less involved."
 
So being a board member today is a far cry from the roles of times past. Sanglé-Ferrière sees a new insistence on accountability: "Now board members are assessed annually, given feedback on each other by each other. So you understand whether you are in the top quartile or in the bottom quartile. And some of the bottom quartile performers will be asked - very gently - to finish after three years and not do six."
 
"There is real pressure on our business is to develop, encourage and help nurture more younger, high-achieving executives to step onto boards" says Meynell. Board selection has entered an era of "professionalisation" and the days - not so long ago - when boards were more like clubs are over, says Sanglé-Ferrière, "today it means hard-work and heavy responsibility."
 
 
Ludo Van der Heyden is Professor of Technology and Operations Management at INSEAD. He is also the Mubadala Chaired Professor in Corporate Governance and Strategy and Academic Director of the INSEAD Corporate Governance Initiative. He co-directs the International Directors Programme, part of INSEAD's portfolio of executive education programmes.