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The board of directors plays a key role in establishing and overseeing the management succession planning process. It continuously evaluates executive talent within the organization and searches for talent outside the organization when necessary. Institutional investors and activist shareholders have continued to focus considerable attention on the board’s proper role in the management succession process, and as a result, public companies have increasingly established great rigor around their management succession plans. The key objective of any management succession planning efforts is to create a process that seeks to ensure continuity of management over the long term, while promoting smooth transitions when changes in management become necessary.