Emma Coombe

And it really means that they lose tremendous leverage and flexibility there. And our research confirms this is a widespread problem. In our board culture and director behaviour study carried out last year with over 1,000 supervisory board level directors responding, only 29% said they had a three to five year CEO succession plan.

Whilst this data point is concerning, as a firm, the great thing we are seeing is this number trending upwards. More and more boards and nomination committees are investing time and energy into identifying and developing their talent at least three years ahead of a succession event. James, what else do you think leaders should prioritise when beginning the succession planning process?

Whilst this data point is concerning, as a firm, the great thing we are seeing is this number trending upwards. More and more boards and nomination committees are investing time and energy into identifying and developing their talent at least three years ahead of a succession event. James, what else do you think leaders should prioritise when beginning the succession planning process?

Whilst this data point is concerning, as a firm, the great thing we are seeing is this number trending upwards. More and more boards and nomination committees are investing time and energy into identifying and developing their talent at least three years ahead of a succession event. James, what else do you think leaders should prioritise when beginning the succession planning process?

Those are excellent points, James. And of course, having clearly defined roles in succession planning is key. But for me, it's the alignment piece that is most critical. Reaching a point of alignment on what we might call a future success profile, what you want the next leader to really bring, takes considerable time and effort.

Those are excellent points, James. And of course, having clearly defined roles in succession planning is key. But for me, it's the alignment piece that is most critical. Reaching a point of alignment on what we might call a future success profile, what you want the next leader to really bring, takes considerable time and effort.

Those are excellent points, James. And of course, having clearly defined roles in succession planning is key. But for me, it's the alignment piece that is most critical. Reaching a point of alignment on what we might call a future success profile, what you want the next leader to really bring, takes considerable time and effort.

For example, you might ask all of the board directors to fill out a survey to then have an in-depth interview and playing back where there are areas of misalignment across the key constituents. allows everybody to make sure that they're focusing on the same thing moving forward and as that pertains to strategy and then to what the next leader should look like.

For example, you might ask all of the board directors to fill out a survey to then have an in-depth interview and playing back where there are areas of misalignment across the key constituents. allows everybody to make sure that they're focusing on the same thing moving forward and as that pertains to strategy and then to what the next leader should look like.

For example, you might ask all of the board directors to fill out a survey to then have an in-depth interview and playing back where there are areas of misalignment across the key constituents. allows everybody to make sure that they're focusing on the same thing moving forward and as that pertains to strategy and then to what the next leader should look like.

Let me now bring Rebecca Slan-Jerusalem into the conversation. She's a leadership advisor in RRA's Toronto office and has guided numerous organisations through the succession planning process. Rebecca, welcome to the Leadership Lounge.

Let me now bring Rebecca Slan-Jerusalem into the conversation. She's a leadership advisor in RRA's Toronto office and has guided numerous organisations through the succession planning process. Rebecca, welcome to the Leadership Lounge.

Let me now bring Rebecca Slan-Jerusalem into the conversation. She's a leadership advisor in RRA's Toronto office and has guided numerous organisations through the succession planning process. Rebecca, welcome to the Leadership Lounge.

Rebecca, our recent research also uncovered that only 44% of board directors feel that their company's CEO succession plan will result in an effective candidate being appointed. We know there's no universal playbook for succession and it's nuanced, but what are some of the common mistakes that leaders make when it comes to succession planning?

Rebecca, our recent research also uncovered that only 44% of board directors feel that their company's CEO succession plan will result in an effective candidate being appointed. We know there's no universal playbook for succession and it's nuanced, but what are some of the common mistakes that leaders make when it comes to succession planning?

Rebecca, our recent research also uncovered that only 44% of board directors feel that their company's CEO succession plan will result in an effective candidate being appointed. We know there's no universal playbook for succession and it's nuanced, but what are some of the common mistakes that leaders make when it comes to succession planning?

For me, Rebecca, that distinction is crucial. And, of course, internal candidates often require a different set of experiences to make them fully credible when a succession is required. So, for example, you could have somebody who's grown up in a finance function who needs to be given responsibility leading a P&L, running a region or a business unit.

For me, Rebecca, that distinction is crucial. And, of course, internal candidates often require a different set of experiences to make them fully credible when a succession is required. So, for example, you could have somebody who's grown up in a finance function who needs to be given responsibility leading a P&L, running a region or a business unit.

For me, Rebecca, that distinction is crucial. And, of course, internal candidates often require a different set of experiences to make them fully credible when a succession is required. So, for example, you could have somebody who's grown up in a finance function who needs to be given responsibility leading a P&L, running a region or a business unit.

Or you might have somebody who's got a certain geographic experience but must have exposure to the largest region before they can be really credible. And one of my clients wasn't forward thinking enough in terms of the internal candidates they'd identified too.