Daniel Daeniker, a partner at the renowned law firm Homburger, recently addressed the issue of whether there are drawbacks when a former CEO joins the board of directors of their company, perhaps even becoming its chair. He advocated adopting a best practice approach, as opposed to a more rigid interpretation of international governance concepts. Let me elaborate on that: That leaders need some form of governance is a given. Anyone under no obligation to respect certain principles risks putting themselves first and the company’s welfare second. The question is to what extent top managers are involved when a company defines its code of governance.
Family company Boards must create and maintain strong succession plans that consider both internal and external talent, as well as development plans for potential successors—and do all this while balancing the values and priorities of the family with the demands of growing and sustaining a business.
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