There is no substitute for planning ahead when it comes to non-executive director departures.
Succession planning has remained an important topic in corporate governance for many years, with particular attention being paid to how a nomination committee, the chairman and the company secretary search and select non-executive directors.
The UK Corporate Governance Code makes clear that: “The board should satisfy itself that plans are in place for orderly succession for appointments to the board and to senior management, so as to maintain an appropriate balance of skills and experience within the company and on the board and to ensure progres
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Recent court cases hint that some non-executives may be pursuing self-interest rather than company interests. Research looks at whether the self-interest of board members is well regulated by governance controls.