ABSTRACT
How do directors ensure that the succession planning for the board is optimised with respect to the long-term success of the organisation?
Based on a framework of global corporate governance best practice, which can be used in all organisations anywhere in the world, this chapter of Questions To Ask (QTA) in the boardroom gives a high-level but succinct introduction to succession planning for the board.
For many boards, succession planning is a reactive activity, triggered by the imminent departure of an existing member, usually through retirement or exhaustion of tenure. However, as many businesses seek to become more agile and find that the pace of change is accelerating, waiting for a board member to retire can result in stale boards which lack diversity of thought. The most efficient boards engage in a continual process of assessment and review to ensure their make-up is best suited to meet the upcoming strategic challenges of the business.
The chapter’s introduction leads into the key Questions To Ask in the boardroom, giving the reader further insight into how to initiate discussions about the diversity of thought, effectiveness reviews, role specifications, and the recruitment Process.
