The role of the board of directors in strategic planning is to set goals and chart a course over a period of several years for the company.
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A CEO succession planning template provides a detailed roadmap from recruitment to appointment that paves the way for boards to hire a CEO.
Following the best practices for a CEO succession plan is imperative and should include human resources and several board committees to guide the decision.
All boards of directors should be familiar with the types of financial reports that accounting departments produce & have a sufficient comprehension level.
Creating a CEO compensation package is usually a base salary with other parameters, such as company performance, company growth and shareholder value.