Succession plan
We have adopted a succession plan for the Managing Director and Group CEO to be implemented in the event of an early termination of his term of office.
The Board, upon Nominations and Corporate Governance Committee’s proposal, approved a policy that defines the succession process for the Managing Director and Group CEO.
In the event of an early termination or of an even temporary impediment to perform his functions, the Policy states that the Chair shall replace on an interim basis the Managing Director and Group CEO for as long as necessary to enable the Board to choose, with the support of the Nominations and Corporate Governance Committee, the new Managing Director and Group CEO.
The Board also defines, upon proposal by Managing Director and Group CEO and after hearing the Nominations and Corporate Governance Committee, the succession plan for the GMC members and the development and management policies for the GLG resources, who are the key managerial figures of the Company and the Group.