Diversity matters.

“One thing a person cannot do, no matter how rigorous his analysis or heroic his imagination, is to draw up a list of things that would never occur to him.”
— Thomas Schelling, Economist and Nobel laureate

Prioritize Board Composition & Refreshment

Beyond the core responsibilities in M&A and capital raising mandates, we leverage our extensive experience and networks to advise our clients on optimal board strategy and composition.

As a trusted advisor to the industry for almost three decades, Whelan Advisory founder, Margaret Whelan, has often expressed her concerns about PMS (Pale, Male, Stale) on housing and construction company boards. The challenge these boards face is that they are male dominated, and often stale and entrenched, as age and term limits are rarely established or enforced. Without regular refreshment, companies risk missing new or innovative perspectives and having long serving directors deemed non-independent by many shareholders. Of the 600+ public company directors who participated in PwC’s 2025 Annual Corporate Directors Survey, 55% believed that at least one fellow director should be replaced.

Cartoon of a meeting with identical people lacking fresh ideas. One person speaks, holding a phone, while others sit at a table. A flipchart labeled "Plan A" is nearby. Caption reads: "Why don't we have any fresh ideas around here?"

Diversity has proven to be a competitive advantage, and as such is a real business opportunity.

Board composition is increasingly being scrutinized, as investors, regulators, and underwriters demand capable, engaged, and diverse directors. As such, assembling a board that is committed and well regarded has never been more important.

Seasoned independent directors add tremendous value by providing sage advice and by sharing critical business and industry perspectives. Through their commitment to the board, they serve as ambassadors and endorse the company. Additionally, establishing a diverse board enhances a company’s ability to attract and retain a wider range of talent throughout the organization.

We direct our clients to identify the desired skills and core competencies, filling these roles with capable and diverse candidates, recruiting committee chairs that are skilled and collegial, establishing and delivering an effective onboarding program, and enforcing appropriate age and term limits to continuously refresh the board without causing disruption.

We further advise on ideal board size and structure, emphasizing proactive governance – strong initial composition, rigorous evaluations, ongoing education, and regular refreshment – to build resilient boards and minimize unwanted scrutiny.

Our Professional Experience

  • “Margaret and her team are an invaluable resource, offering a fresh updated perspective on the modern-day Board of Directors. Their frame of reference is rooted not only in their deep long-standing knowledge of both the housing industry and the financial markets, but also because they “walk the walk,” serving on boards in a time when so much long overdue structural change is underway.”

    Maile Clark, Board Member - BJ’s Wholesale Club, Laird Superfood

  • “I initially met Margaret in 2002 when I was an institutional investor at JP Morgan Asset Management. As a top ranked stock analyst, she was frequently my “go-to” on everything homebuilding and building products. Several years ago, we reacquainted at a Women in the Boardroom event geared towards networking and obtaining board positions. I’m incredibly grateful that since that time, Margaret has made numerous introductions and continues to encourage me to pursue board service. She also was a valuable resource as far as revamping my resume, putting together a crisp board bio and obtaining a career coach. Incredibly, it was through one of her introductions that I was able to secure my first director position, actually joining her on the board of a public company.”

    Gloria Fu, Board Member - PropTech Investment Corporation II

  • “Margaret is a well-established advocate of boardroom diversity and a champion of modern governance. She is deeply knowledgeable on the practices of high-performing boards and has become a trusted resource for Diligent to help us keep a pulse on the challenges today’s directors face. She offered fantastic insights in our book, Governance in the Digital Age and is a valued contributor to Diligent research and events.”

    Meghan Day, Senior Director - Diligent Corporation

  • “Margaret has served as an independent board director and the Chair of our audit committee for two of our real estate technology focused SPACs, PropTech I and PropTech II. She has been an invaluable resource to our management team and has brought deep industry expertise and the highest standards of corporate governance. Margaret has helped us evaluate and recruit new directors that bring diversity of thought, age, experience, gender, ethnicity, and race. We take pride in our diverse board of directors and in that respect, we are grateful for Margaret’s engaged role and thought leadership.”

    Tom Hennessy, Chairman & Co-CEO, Proptech

  • “I first met Margaret in 2003 when she was an analyst at UBS and I was at Beazer Homes. At Beazer we relied on her to give us her insights and perspectives on housing. When Margaret moved over to JPMorgan and I moved to Ashton Woods, Margaret became our go-to banker. She advised us frequently and led our first high-yield bond offering in 2013, which was very successful. We’ve staying in close contact over all these years and in the past few years, she has advised and coached me on a personal level as I considered and prepared to join my first public board of directors, which I did in 2018. She introduced me to an executive coach; helped with my bio; advised on organizations to join; sent me materials to read; made introductions for me; and has served as a reference. She’s been a great friend both personally and professionally and is a real champion of diversity in the boardroom. For all those things I’m grateful!”

    Cory Boydston, Former CFO Ashton Woods Homes, Board Member - Builders FirstSource

Disclaimer: Testimonials may not be representative of the experience of all customers and are not a guarantee of future performance or success.

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