This Working Life: Why every board must have a succession plan

To ensure good corporate governance, company boards must be constantly seeking to recruit diverse members with the right skills and experience

21st November, 2021
This Working Life: Why every board must have a succession plan
Some boards are still relying on their own networks, which is not an open, transparent or independent process. Picture: Getty

Board succession planning is an important tenet of good corporate governance. Yet in the Institute of Directors’ latest quarterly director sentiment monitor survey, one third of respondents said that their primary board does not have a succession plan in place.

This raises many flags, not least in terms of planning board diversity. A board with no succession plan is not future-proofing the business nor planning for diversity, which is essential for an effective, high-performing...

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