December 11, 2014
Board succession planning is an important topic for boards of all organizations, and in particular for their governance committees. Many boards use a skills matrix – a chart that captures the skills of the existing board members and allows the governance committee to identify areas of expertise and experience that should be prioritized in identifying future candidates. In addition to filling specific skill gaps, governance committees work to identify candidates who will be effective directors. Because it is difficult to assess a candidate’s potential for boardroom effectiveness without seeing the person in action, boards often look to particular career accomplishments to screen for this potential. The short list of candidates considered by a governance committee generally includes high achievers in business, law, accounting or consulting. However, boards should also consider successful politicians for the attributes and experience that contribute to high performing boards…
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