One-quarter of all private companies have no success plans, while more than half (52%) have just an informal success plan in place, a new survey finds.
The National Association of Corporate Directors 13th Private Company Governance Survey highlights the need for more effective succession planning, as only 23 percent of private company boards report that they have formal succession plans in place.
The survey found that 90% of respondents believe succession programs enhance the board’s effectiveness.
The survey was based on 841 private company responses to NACD’s annual governance survey.
