At any company, the primary role of the board of directors is to provide oversight and strategic support for executive teams as they pursue their mission to create long-term shareholder value. The most important job within that charter is to select a CEO and oversee a sound succession management process for senior leadership roles in the company. Boards also have a responsibility to help management identify emerging risks and deal with unforeseen crises like data breaches, accounting scandals, or social media blunders.

One area where boards have an opportunity to make a greater impact on improving shareholder return is in their governance of smart talent strategies. In their book Boards That Lead: When to Take Charge, ...

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