Join Amy Rojik, director of BDO’s Center for Governance as she shares some timely considerations for directors to consider with respect to board composition refreshment strategies.
Key Takeaways
- Board composition, succession and refreshment planning should be treated as a priority and normal part of oversight responsibilities
- Refreshment is underscored by having board members recognize that board appointments are not life tenancies and a director’s usefulness should be viewed from the stakeholder lens…ALWAYS
- A good strategy provides for regular and intentional use of skills matrices that align board composition with both current and future strategic needs of the business and allows for periodic adjustments as the business evolves
- Clear expectations should be outlined for directors about tenure, capacity, and participation
- A refreshment strategy should include a longer-term, multi-year view that anticipates departures, leadership changes, illness, and tragedies that can strike and hit companies unaware
- Director candidates should be continually considered through the lens of prioritized skills and attributes that allows for the development of a sustainable talent pipeline for future
