A majority of senior living and care organizations have residents serving on their corporate or community advisory boards, according to chief financial officers responding to a newly released survey by specialty investment bank Ziegler. Resident board service was the norm for 63% of respondents.
Thirty-one percent of survey participants said residents are active on only their corporate boards, 7% said residents participate only on local community advisory boards, and 25% said residents serve on both the corporate and community advisory boards. Thirty-seven percent said residents are not members of any board.
Most often (in 74% of cases), according to survey respondents, residents are nominated to the board by a board member or member of the operator’s leadership team. Residents also are assigned to board positions from resident councils or are association officers or members (35%), or they are voted in (11%) (results add up to more than 100% because respondents could choose more than one answer).
On corporate boards, 90% of those surveyed said that residents have voting rights. Twenty-two percent said corporate board participation was mandated by state law or regulation.