Sure, it’s always important for the board and in-house counsel to work together to achieve optimum solutions. And just as there should be a clear succession plan in place for general counsel, is it also just important to replace board members in a timely, effective manner? One survey says that happy boards are refreshed boards.
According to the 2013 “What Directors Think” survey, undertaken by NYSE Governance Services in association with SpencerStuart and released on Feb. 27, 51 percent of surveyed directors believe it is important to refresh the board’s ranks periodically. An additional 16 percent view it as “critically important.”