Board composition: The road to strategic refreshment and succession
Board composition and succession planning trends
Having the right individuals in the boardroom is critical. Corporate directors need to have the skills and experience that align with the company’s long-term strategy. Diverse and fresh perspectives are also important. While boards have been focusing on these topics, other areas like director tenure and board succession planning are often addressed only when the board needs to replace a retiring director. This is not overly surprising considering they can be sensitive topics. So how should boards be thinking strategically about their board composition—now and in the future—to ensure optimal performance?
Actions for consideration relating to board refreshment:
- Make sure board refreshment and succession planning priorities are on the agenda
- Assess corporate director skills and attributes, and incorporate results from board assessments
- Set directors’ expectations around tenure
- Take a multi-year view toward departures and address upcoming leadership changes
- Agree on a board succession plan that prioritizes needs and builds a talent pipeline
We provide helpful guidance and resources to assist with board succession planning
Download our paper below to access the following resources:
- A board refreshment and succession maturity continuum
- A sample board composition matrix
- The changing profile of corporate directors
“A strategic approach to board refreshment and succession planning will ensure that the board is positioned to be a strategic asset to the company.”
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