As the board’s role continues to evolve, and investor and regulator expectations for board oversight and engagement increase, board composition and succession planning are increasingly critical to help position companies for the future. But what are the key elements for success and what potential challenges do directors have to address?

In the eighth edition of Global Boardroom Insights, we share the thoughts of some senior audit committee chairs and business leaders which we hope will help you to facilitate robust boardroom discussions about the challenges and opportunities impacting current and future board composition. While their individual views offer varying perspectives, our interviews do offer some universal ‘takeaways’ that should be worthwhile for all boards to consider, including:

• Robust board evaluations are a key part of a board composition and refreshment strategy;
• Formal director succession plans/processes can help facilitate change in the boardroom;
• Boards should seek to achieve diversity in the widest sense;
• Strong leadership in the boardroom is important to facilitate healthy debate and address potential conflict or friction;
• Technology and/or international expertise are emerging as a key boardroom trait for many companies.