Spencer Stuart's "Nominating/Governance Committee: Succession Planning" provides sound guidance to Nom/Gov Committees (equally applicable to other board committees or directors responsible for CEO succession planning) on CEO succession best practices, buttressed by relevant benchmarking data and questions for board consideration that can facilitate meaningful discussion about the board's process and preparedness over time for a CEO succession event.
The tutorial also shares this instructive, broadly applicable framework for board succession planning that boards or committees responsible for board succession planning may consider:
Note that according to the recently issued Society/Deloitte Board Practices Report, board and executive succession planning are most commonly addressed at the full board level annually and, according to the previous (April 2017) Society/Deloitte Board Practices Report, CEO succession planning is most commonly a full board (in lieu of board committee) responsibility.
Access additional information & resources on these pages: CEO Succession, Board Recruitment & Succession/Refreshment, and Nominating/Governance Committees. This post first appeared in the weekly Society Alert!