I would specifically seek out those individuals who would be responsible (and obviously capable) of making high-level budgeting and prioritization decisions regarding the direction of the program. The budgeting decisions include hardware/software/consulting purchase, upgrades and rollouts. Prioritization occurs when deciding among the numerous directions that the program could take, especially in the early stages of a program, staffing the program appropriately for the desired level of risk/reward and monitoring progress towards the key metrics of each iteration.
Be careful of the downward delegation instincts of most of these people once presented with this opportunity. When some people hear a quasi-technical term like "business intelligence", they automatically assume that it's a technology-heavy committee and believe it must go to those tasked with that level of detail in the organization. Don't allow this to happen! This is a business-first board that will set high-level direction. A data stewardship program, at a further level down in the organization to SME individuals, will work on another level of detail.
See more of William's advice on forming a BI steering committee.
This was first published in January 2006