Bruce Newsome in Inside Counsel: Plan for Retirement of Board Members

08/21/2015

Especially given the goal of increasing diversity among board members, there is heightened interest in overall board composition.

Boards need to concentrate on director succession planning before the need arises, according to the EY Center for Board Matters.

In a new report, “Focus on Board Retirement and Tenure Policies,” the center looks at the number of directors near retirement by reviewing retirement age policies and tenure ...

When it comes to the role of the general counsel, Bruce Newsome, an attorney with Haynes and Boone, notes that much of the review of potential candidates is the responsibility of an outside search firm and a board committee that searches for directors.

But general counsel can make sure that the board follows proper procedures and process. “General counsel need to make sure the board’s policies are followed,” Newsome said.

Also, general counsel could brief promising candidates on current issues and successful candidates later can meet with general counsel to get up to speed on key issues, Newsome said. General counsel can also find out what Glass Lewis and Institutional Shareholder Services (ISS) – both independent proxy advisory firms – say about the candidates.

Excerpted from Inside Counsel. To read the full article, please click here.

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