Board Succession Planning Definition
Board succession planning is a crucial aspect of organizational planning that focuses on ensuring the smooth transition of board members within a company. It involves identifying and developing potential candidates to replace current board members when their terms expire or when they step down.
Board Succession Planning Key Features
– Identifying potential candidates: Succession planning involves identifying individuals within or outside the organization who have the potential to serve on the board in the future. This may involve assessing their skills, experience, and qualifications to determine their suitability for the role.
– Developing a talent pipeline: Once potential candidates are identified, organizations should develop a talent pipeline to prepare them for future board roles. This may involve providing training, mentorship, and opportunities for growth and development.
– Creating a succession plan: A succession plan outlines the process for selecting and appointing new board members. It should include timelines, criteria for selecting candidates, and steps for onboarding and integrating new members into the board.
Board Succession Planning Best Practices
– Start early: Succession planning should be an ongoing process that begins well before the need for new board members arises. By identifying and developing potential candidates early, organizations can ensure a smooth transition when vacancies occur.
– Involve current board members: Current board members should be actively involved in the succession planning process. They can provide valuable insights into the skills and qualities needed for future board members and help identify potential candidates.
– Review and adjust regularly: Succession plans should be regularly reviewed and adjusted to ensure they remain relevant and aligned with the organization’s goals and strategic priorities.