Audit Committee Chair Succession: An Expert’s Guide
Tuesday, April 12, 2016
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 (Executive Director, Center for Audit Quality) and Douglas Maine (Audit Committee Chair, 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.