From a shareholder’s perspective, would you feel good about your investment if you found out that your company has no successor for the audit committee chair? The simple answer is No. So what’s a board to do? How do great boards handle the challenge?
Cindy Fornelli (Center for Audit Quality) and Douglas Maine (BroadSoft & Orbital ATK), two veterans of audit committee practices, share the scope of an audit committee chair’s responsibilities. They also suggest that companies should think about chair successors during the recruitment and mentoring stage and outline recommendations for audit chair rotations.
The filming of this episode of Inside America’s Boardrooms was made possible by our Knowledge Partners.