ADMINISTRATION SUCCESSION PLANNING AND NOMINATION PROCESS
The Board of Directors has the responsibility of assuming the main operating risks to which the Prescott and Russell Development Corporation (PRDC) may be exposed, including the inevitable departure of administrators. Determining the right candidate cannot be done without careful thought and planning. Therefore, the PRDC's Board of Directors must develop, regularly review, and revise the succession plan for the directors, as well as evaluate and make all recommendations regarding elections and re-elections of candidates.
Succession plan
Defining the composition and desirable skills is the most important step in this planning. An up-to-date skills chart facilitates discussions in this regard.
Basic skills for a member of the Board of Directors are as follows:
- be a recognized person who is familiar with the community and business development sectors or sectors defined in Section 3.0 of the PRDC's Statutes and Regulations;
- hold a position of authority enabling him/her to influence the opinion of decision-makers;
- demonstrate outstanding leadership and communication skills;
- demonstrate a vision to continue to define the direction, policies, and programs in business development information;
- bring visibility to the organization and promote its profile.
To fulfill the supervisory functions inherent in the position, additional skills or knowledge may be required in accounting, management, research, or economics, in the government, municipal, community, financial, and business sectors.
Administrator nomination process
The PRDC's Board of Directors, with the general management, assess and make recommendations concerning the election and re-election of candidates by the PRDC'S Board of Directors. The process that typically follows the Board of Directors during the selection is as follows:
Nomination: When a seat becomes vacant, the Board of Directors attempts to attract the right candidates for board member positions. In accordance with the PRDC's Statutes and Regulations and best practices, nominations for members of the Board of Directors are made as follows:
- the candidates should be chosen, as much as possible, based on the seat they will occupy;
- the candidates should be chosen, as much as possible, based on the region in which they reside;
- the candidates must have experience, knowledge, and interest in or be involved in the sector they represent, or a combination of these elements;
- annually, the Chairperson of the Board of Directors solicits applications from qualified individuals for the position of Chair of the Board, according to the current job description, considering both current board members and nominated candidates.
Evaluation: Once the list of candidates for a vacant position is established, the Board of Directors meets to evaluate the applications. When examining the composition and combination of skills, committee members take the following points into consideration:
- They need to determine whether the board is lacking skills that could prove essential for understanding and managing the organization's current and future activities.
- It is preferable for more than one member to possess the necessary skills for the smooth operation of the organization's current and future activities. This ensures that the organization can cope with the departure of board members.
- It is important to maintain an adequate level of essential skills, but candidates should also reflect diversity in terms of experience, skills, and viewpoints.
- It is important to have a very good knowledge of the Prescott and Russell territory, area, key players in business and community development, economic issues, and knowledge of government programs and services.