Nominating/Governance Committee in the Spotlight: Three Priorities for 2024

Spencer Stuart (Mar 15, 2024) "Nominating/Governance Committee in the Spotlight: Three Priorities for 2024" sets out the year's top focus areas for N/G chairs facing more scrutiny than ever. Top priority: board composition and succession planning, with adding new skills the leading motivation for refreshment. Cited data: about a quarter of committee chairs say they have one or more directors who should no longer be on the board, most commonly because the director's skills and expertise are out of date; only 58% of S&P 500 boards appointed a new director in the 2024 proxy year, translating to overall turnover of less than one (0.83) new director per board, and more boards need a courageous approach to refreshment. Direct relevance for SEA mid-market N/G committees stuck at zero-turnover.