According to the KPMG survey, Building a great board, conducted by KPMG’s Audit Committee Institutes, close to three-quarters of board directors believe that a chief concern for them is to align boardroom talent with evolving short-term and long-term strategy. Aligning boardroom talent with the company’s strategy is driving the thinking behind board composition and succession planning for many boards and companies today. 4) There are important mechanisms to help maintain optimal board composition, but they are often underutilized. Respondents overwhelmingly cite robust board evaluations (86%) and formal succession plans (77%) as the most effective mechanisms to achieve the right board composition. Board composition and succession planning are critical to help position companies for the future.

Source: Mint August 02, 2016 21:00 UTC