Succession planning for the board [chapter]

Ray Crofts
2021 Effective Directors  
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. For developed organisations it is the role of the nominations committee to forecast upcoming departures, anticipate what may be required in a replacement -and source the individual who would be that replacement. However, as many businesses seek to become more agile and find that the pace of change is accelerating, waiting for
more » ... a board member to retire or exhaust their tenure 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. There are a number of questions a board should be asking itself regularly: • What is our purpose as a board? What do we need to fulfil that purpose? • What are the reasons behind our current size and formulation? • When was the last time we brought a new member to the board?
doi:10.4324/9781003201182-7 fatcat:rzjctqfoyjeaxnax7awrnncdh4