3 Ways to Transition Your Committee Effectively
Leading practices for key committee succession planning and new-director onboarding
To meet current and future skill requirements effectively, board-succession planning and the board’s director-recruitment and onboarding efforts require a more farsighted approach, one based on a time horizon aligned with the company’s long-term strategy.
NACD recently convened Fortune 500 committee chairs in a joint meeting of the Audit Committee and Nominating and Governance Committee Chair Advisory Councils. The discussion highlighted three key points, which all directors—and audit committee and nominating and governance committee chairs in particular—should keep in mind:
1. Purposeful coordination is essential to planning committee-chair rotation or succession.
2. Financial expertise is a necessary ingredient for service on the audit committee, but alone, it is insufficient.
3. Broaden the leadership profile when recruiting an audit committee chair.
This resource can help your board understand and learn how to act on these three key points.
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