This is British English, which explains why the two US members didn't understand it. I also presume that you looked the word up in an American dictionary, which also took you off in the wrong direction. In fact, it has nothing to do with reputation. The word 'standing' is a verbal noun here, from the verb 'stand'. In this context 'stand' means to put yourself forward for election or for an appointment. While AmE says, for example 'run for office', BrE says 'stand for election'. It means that the nominations committee should make recommendations about directors putting themselves forward as candidates to be reappointed as board members.

Thank you for your inputs!

In thia case, the meaning seems to be "the status of" - in other words, where do they stand...the meeting is about determing the status of the reappointments. Does that make sense ?

here it would probably mean 'reputation" but the nomination committee could have other criteria (for example, how much business the person has created for the company, or how much money the person has donated to a foundation, etc) someone's standing in the community = their position a community, based on what others think of them Normally, a doctor has a higer standing than a politician. (!)