Fcpa Compliance Report

Yesterday, I considered the Board of Director’s role in hiring of senior executives and in other key positions and corporate positions and corporate relationships. Today I want to consider the Board’s role in succession planning. In an article entitled, “Advancing Board Refreshment Through the Director Succession Planning Process” authors William Libit and Todd Freier posited that a Board’s ability to “refresh itself on a regular basis can help ensure it maintains a proper mix of experience and expertise to meet the organization’s current and long term needs.” While noting that there is no ‘one-size-fits-all-approach’ to succession planning, the authors believe there are some key traits you should consider in succession planning. To facilitate this theorem, the authors laid out a seven-step approach for Director succession planning. Examine the Key Corporate Documents-this includes Board review of all relevant corporate governance documents, including guidelines, the Charter for Board Governance, the Directo