Board Renewal – A Strategic Imperative
By Johnson Manyakara Progressive Boards believe that Board renewal is a strategic imperative. Without a Board Renewal Policy(BRP) however, it is difficult to see how a Board can discharge this responsibility professionally and effectively. This post discusses the strategic purpose and make up of a BRP, informed by best practice. A BRP serves to ensure that the Board’s membership comprises directors with an appropriate mix and diversity of skills, professional experience, tenure and personal background that allow the Board collectively and directors individually, to: Discharge their responsibilities and duties under the law effectively and efficiently; Understand the business and the environment in which the entity operates so as to be able to agree with the EXCO Team the entity’s objectives, goals and strategic direction which will maximise shareholder value; and Assess the performance of the EXCO Team in meeting those objectives and goals. In addition to spelling out its purpose,