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Agenda – Board Succession: Look at the Big Picture
Greater pressure to go global is leading to closer scrutiny of board composition, writes Egon Zehnder’s US Board Practice leader Kim Van der Zon in Agenda magazine. “Slow turnover and rising retirement ages increase the risk that the board can become dangerously out of step with the organization’s business strategy and operating environment,” she notes. In her opinion, boards should take same long-term, strategic approach to appointing directors as they do to CEO succession. Van der Zon advises boards to adopt four preferred practices to succession: insist on a rigorous board evaluation, learn to adapt to changing requirements, cultivate potential candidates far in advance, and develop a clear succession plan. “A well-defined, long-term strategy helps the board give succession planning the sustained, focused attention that it needs,” she concludes.
Full story: Kim Van der Zon: Boards Need More Strategic Approach to Director Succession in Agenda (17 November 2014)