Key Takeaways:The basic tenants of succession planning require continuous focus and consensus and can provide an outline for preparation and vigilance. These include:Agreement on short- and long-term company goalsNeeded skills for the position - Keeping the job description of the upcoming vacancy current Keep a pipeline of candidates that span an array of various disciplines and experiences Boards should build in process and policy around board refreshment.Board composition should be built for purpose - Consider directors with multiple skills and experiences so there is overlap existing in the boardroom.Succession doesn’t end with appointment – it further requires a robust onboarding system for the new director. Expanding the board to accommodate new board members before the departure of a retiring director can efficiently provide transfer of institutional knowledge and avoid “reinventing the wheel.”A board member with shareholder engagement skills and investor understanding that can help management articulate their story is the best defense against activists. Resources:  “What ‘Succession’ Gets Right (and Wrong) About Business Continuity Planning [Spoilers]Think Like an Activist

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