Board Governance – Does Your Board Have a Succession Plan?

Financial Institutions

December 29, 2015

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Today it is more important than ever to have a well-thought-out succession plan in place for your financial institution’s board of directors. Putting a succession plan in place requires a thoughtful planning process that considers a new board member’s competencies, experience, background, and fit with your existing board. In addition, board governance tools need to be well developed and up to date. These include role descriptions for the board chair and directors, committee structure, committee charters, profiles of existing board members, and an understanding of the board’s culture.

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