Long-Term Board Succession Planning Emerging as a Best Practice

Why boards are beginning to recognize long-term succession planning as not only a best practice, but a necessity:

The world is moving at lightning pace—globalization, innovation, disruptive technologies, and the pressure on boards to reinvent themselves—has accelerated from the investor community. It has always been an honor to be elected a director, but with heightened expectations and responsibilities, directorship is now also recognized as a serious profession.

Elite boards have raised the bar and established a vision and objective to be a strategic asset and a source of long-term competitive advantage. It is a high bar, which requires an engaged and relentless culture of continuous improvement and a clear view of all the characteristics of high-performing boards, that is, those established in the NACD Center for Board Leadership’s Report of the Blue Ribbon Commission on Board Evaluations.

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