I rapporten hedder det blandt andet, at “Significant barriers exist to building a high-performing board. The barrier most frequently cited by survey respondents was “finding directors with both general business experience and specific expertise needed by the company” (69 percent). Identifying the board’s future talent needs ranked second (55 percent), followed by resistance to change due to “status quo” thinking (43 percent). Despite wide recognition of the importance of succession planning in achieving optimal board composition, few boards have a formal succession plan in place. While the vast majority of survey respondents said that a formal board succession plan is a key mechanism to achieving the right board composition, only 31 percent reported having either a formal succession plan in place or in process. There are important mechanisms to help maintain optimal board composition—but they are often underutilized. Respondents overwhelmingly cited robust board evaluations (87 percent) and formal succession plans (77 percent) as the most effective mechanisms to achieve the right board composition. However, as noted above, few boards have formal succession plans in place, and nearly one-third cite “lack of robust board and individual director evaluations” and “difficulty in removing underperforming directors” as among the greatest barriers to building and maintaining a highperforming board.”
