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Boards and their own succession planning

Tom Fox | April 4, 2018

What is the board’s role in succession planning? At a bare minimum, a board should assure there is a pipeline of qualified candidates for its own succession planning.

While noting that there is no one-size-fits-all-approach to succession planning, a recent client alert from law firm Chapman and Cutler listed some key traits to consider in succession planning:

1. Examine the key corporate documents: This includes board review of all relevant corporate governance documents, including guidelines, the Charter for Board Governance, the Director Nomination Policy, and any relevant policies setting out the appropriate protocols and procedures.

2. Use an assessment framework: Consider the following (a) the current strengths and weaknesses of the board and each board committee; (b) the short-­ and long-­term...

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