Specify the circumstances that constitute an emergency succession event — including sudden death, incapacitation, resignation with immediate effect, termination for cause, or extended medical leave of a key leader. Clear triggers prevent ambiguity about when the plan should be activated.

At minimum, the emergency plan must cover the CEO, CFO, and all C-suite roles. Depending on the organization, it may also include key revenue leaders, the General Counsel, and any role where a sudden vacancy would create immediate legal, regulatory, or operational risk.

Define who has the authority to activate the emergency succession plan — typically the Board Chair for CEO succession and the CEO for other executive roles. Document the activation process, including notification procedures, communication protocols, and immediate decision-making authority.

Have legal counsel review the plan for compliance with corporate governance requirements, employment law, and regulatory obligations. The board should formally approve the plan and review it at least annually. Document the plan in the corporate governance records.

Maintain the plan in a secure, accessible location (e.g. corporate secretary's records, board portal) with access restricted to the Board Chair, CEO, CHRO, and General Counsel. Ensure a physical copy exists in case digital systems are unavailable during a crisis.

Identify a specific individual who will assume interim leadership of each covered role immediately upon activation. The interim successor should be a current executive or senior leader with sufficient knowledge of the function and organizational context to maintain operations. Avoid designating a committee — one person must be clearly in charge.

Document the specific powers granted to the interim successor — including budget authority, hiring and firing decisions, contract execution, and strategic commitments. Also define any decisions that require board or CEO approval during the interim period. Clear boundaries prevent both paralysis and overreach.

Ensure designated interim successors are familiar with the role they may need to assume by providing quarterly briefings on strategic priorities, key relationships, pending decisions, and operational context. Shadowing during board meetings, investor calls, and strategic sessions builds readiness.

Define how long the interim arrangement can persist before a permanent appointment must be made — typically 3-6 months. Prolonged interim leadership creates uncertainty and can destabilise teams. The emergency plan should include a timeline for launching a permanent search.

Name a secondary interim successor for each role in case the primary designee is also unavailable (e.g. both are affected by the same event). This second layer of coverage is essential for genuine emergency preparedness.

Document the specific actions required in the first 48 hours — including notifying the board, activating the interim successor, communicating to employees, informing key clients and partners, notifying regulators where required, and convening the crisis management team. Speed and clarity in the initial response are critical.

Develop template communications for employees, the board, investors, customers, media, and regulators that can be quickly customized for the specific situation. Pre-drafted templates save critical time during a crisis and ensure messages are thoughtful rather than reactive.

Specify who communicates what to whom in an emergency succession event. Typically, the Board Chair addresses investors and media regarding CEO succession, while the CHRO addresses employees. Designate a single external spokesperson to ensure message consistency.

Document the actions the interim successor should prioritise in the first 30 days — including one-to-one meetings with all direct reports, meetings with key external stakeholders, review of all pending decisions, and assessment of any immediate operational risks. The first 30 days set the tone for the interim period.

Identify any regulatory notifications required when key officers change (e.g. SEC filings, FCA notifications, banking regulators). Review existing contracts for change-of-control or key-person clauses that may be triggered. Legal preparedness prevents compliance failures during an already stressful period.

Document the process for initiating a permanent search — including whether to conduct an internal-only, external-only, or dual-track process, which executive search firms are pre-approved, and what the target timeline is. For CEO succession, the board's nomination committee typically leads this process.

Define the leadership profile for the permanent appointment based on the organization's current and future strategic requirements. Avoid simply replicating the profile of the departing leader — use the vacancy as an opportunity to reassess what the role requires going forward.

Design a structured transition process that includes knowledge transfer from the interim successor, introduction of the permanent appointee to key stakeholders, and a communication plan that positions the transition positively. If the interim successor is appointed permanently, acknowledge their interim service and formally reset the relationship.

After any activation of the emergency plan, conduct a thorough retrospective to assess what worked well and what needs improvement. Document lessons learned and update the plan accordingly. Even near-misses (events that almost triggered the plan) are valuable learning opportunities.

Revisit the plan every six months to ensure interim successor designations are current, contact information is accurate, communication templates are up to date, and any organizational changes (new roles, departures, restructuring) are reflected. Stale emergency plans provide a false sense of security.

Run annual simulation exercises where the governance body and key stakeholders walk through a hypothetical emergency succession scenario. Tabletop exercises reveal gaps in the plan, ambiguities in decision-making authority, and communication breakdowns that can be addressed proactively.

Any time a leader in a covered role changes (through retirement, promotion, or departure), immediately review and update the emergency succession plan for that role. The new incumbent should be briefed on the plan and involved in designating their own interim successor.

Have legal counsel review the plan annually for compliance with evolving governance codes, regulatory requirements, and employment law. Changes in jurisdictions, listing requirements, or sector-specific regulations may necessitate updates to the plan's governance provisions.

Present the current state of emergency succession preparedness to the board annually, including the coverage of all critical roles, the readiness of interim successors, and results of any tabletop exercises. Board awareness and engagement ensure the plan receives the attention and investment it requires.