Most global companies do not have a chief executive succession plan in place, even though they regard CEO succession as an important element of overall corporate governance, according to a Korn/Ferry Executive Survey.

The Korn/Ferry Institute surveyed a global sample of corporate leaders from 60 countries, representing a wide spectrum of industries and functional areas.

According to the survey, nearly all companies – 98% – regard CEO succession planning as an important piece of the overall corporate governance process. Yet only 35% of respondents are prepared for either the unexpected or planned departure of their CEO. ??

Despite the recent increase of unexpected departures of several high profile CEOs, the trend has not fully opened the eyes of corporate executives. The Korn/Ferry Executive Survey reveals that 43% of respondents have not increased their attention to succession planning in response to recent scrutiny and headlines focused on hasty CEO departures. Nearly half of respondents (49%) have not put a succession plan in place in the last three years. ??

Joe Griesedieck, vice chairman and managing director of Korn/Ferry Board & CEO services practice, says: “In today’s environment, succession planning should be a part of any company’s standard approach to governance.”