Guide for Building Board Succession
(CV2115, December 2024)Effective succession plans are tailored to the unique dynamics of your board. There’s no one-size-fits-all solution; what works for one might not work for others. However, with some hard work and commitment, this process can yield positive outcomes.
Successful succession planning hinges on an understanding of current leadership roles and an alertness regarding potential successors. Identifying strong leaders proactively proves valuable for when a specific vacancy emerges. Furthermore, boards that document critical company or organizational information in an easily shareable format are prepared for emergencies. Ensure that multiple individuals are well-versed in the set-up and rationale behind board operational tools.
A well-structured succession plan encourages a sense of responsibility and accountability while garnering support from stakeholders. It serves as a tool to pinpoint areas of focus. Integral to this plan is a regular assessment of the board’s performance and a thorough analysis of existing gaps. By doing so, it becomes a strategic tool for forecasting upcoming vacancies and assembling a roster of potential candidates.