Q: We have three non-family board members in their 70s on our family board. How should we handle moving them on?
A: The composition of the family board is a careful balance between family members & independent voices, and maintaining regular turnover is very important. Often, families will establish a board with some family members, the family lawyer & accountant, and perhaps some other trusted advisors. But without due attention to the board composition, the group can remain static for a period of time, until they suddenly realise it’s time to bring in some fresh people and energy. What is required is a board succession strategy.
by David Werdiger
