In the second episode of “Setting the Board Agenda,” Brian Stafford, President & CEO of Diligent, speaks with Maggie Wilderotter, Board Chair at DocuSign and Wilderotter Vineyard, to discuss the evolution of the board in recent years and how they manage and oversee risks, talent development – both at the board and executive level – and CEO succession planning.
Highlights from their conversation include:
- Boards should be positioning companies to proactively mitigate risks before they become detrimental to the company and its stakeholders. They need to be thinking 5-10 years out and have a multi-year risk mitigation plan that’s frequently updated based on current talent.
- Mentoring CEOs or high performing individuals is about building trust and getting to know them on a personal level. They need to be good at the job, not just good at reporting to the board.
- CEO succession planning is an annual conversation in the board room, regardless of whether or not the company and CEO are doing well. Companies can outgrow a CEO – it’s important for the board and the CEO to be closely aligned on priorities for the next six months.
- Wilderotter's advice for getting on a board is for candidates to be strategic, intentional and do their homework. “It’s not a magic wand theory. If you sit there and wait around, you’ll never get on a board.”
