Board Succession Planning

Board succession planning is defined as a process undertaken by board members to identify successors for a board’s leadership roles. It can be conducted to diversify or balance a board’s composition, gain a fresh perspective by inducting new members, replacing dormant members, enhancing the committee’s expertise and filling the skills gaps.

Board succession planning is a part of leadership succession planning undertaken to maintain a board’s members’ quality. Until recently, board service was thought to be a lifetime appointment. It is not the case anymore. Board succession planning comes into play to ensure the continuity and sustainability of corporate performance. There are no unplanned gaps in important board positions when leaders unexpectedly leave their tenures midway or an unforeseen development occurs.