Succession planning: Preparations for the inevitable
Corporate Secretary’s ‘Succession planning: Preparations for the inevitable’ report presents data collected from a survey conducted among in-house governance professionals such as general counsel and corporate secretaries. It provides important insights into, among other things, who typically is in charge of succession planning, who and what is included in plans and how often boards review their company’s plans. Findings in this report are based on data from an online survey conducted between December 2021 and February 2022.
- Eighty percent of respondents say the CEO is covered by their succession plan, followed by other named executive officers (67 percent), senior management (60 percent) and board members (53 percent).
- Almost all (96 percent) of respondents at mega-cap companies say their board’s succession plans include diversity, equity and inclusion considerations.
- Two thirds of respondents say their board reviews its succession plans once a year, with just 6 percent saying they do so every two years or less frequently.
- Overall, around a third (32 percent) of respondents say they are seeing an increase in the frequency with which investors are asking about their company’s succession plans, compared with three years ago.