Should we tell our current company we are getting other proposals?

There is no single right answer, and it turns on whether you would genuinely re-hire them.

If you would — if this is a periodic market check on a relationship that basically works — tell them, and invite them to bid. It is fair, it usually produces a sharper proposal from the party with the most to lose, and finding out from a competitor makes the rest of the term awkward whichever way you decide.

If you would not, there is a real argument for confidentiality until the decision is close. Boards report service quality drifting once an incumbent knows the relationship is ending, and transition cooperation is entirely discretionary. Being able to give notice and start a clean handover on the same day is worth something.

Two practical points either way. Check your agreement — a few require notice before soliciting competing proposals, and it is worth knowing before you find out. And control who knows: a Board that discusses a confidential search in an open meeting or an email chain that reaches a committee has not run a confidential search.