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Having the right individuals in the boardroom is critical. Corporate directors need to have the skills and experience that align with the company’s long-term strategy. Diverse and fresh perspectives are also important. While boards have been focusing on these topics, other areas like director tenure and board succession planning are often addressed only when the board needs to replace a retiring director. This is not overly surprising considering they can be sensitive topics. So how should boards be thinking strategically about their board composition—now and in the future—to ensure optimal performance?
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“A strategic approach to board refreshment and succession planning will ensure that the board is positioned to be a strategic asset to the company.”