Which committee is responsible for overseeing CEO succession planning?

The nominating and governance committee plays a critical role in overseeing CEO succession planning because it is primarily responsible for identifying and recommending candidates for senior management positions, including the CEO. This committee focuses on ensuring that there are effective processes in place for talent development and succession across the organization, which includes assessing internal candidates who can step into the CEO role when it becomes vacant.

Moreover, the nominating and governance committee monitors the overall governance framework of the organization, ensuring that there is a robust succession plan aligned with the company's strategic goals. This proactive approach helps mitigate risks associated with leadership transitions and supports the long-term stability and performance of the organization.

While other committees, such as the audit or compensation committees, have specific oversight functions related to financial reporting and executive pay respectively, their primary focus does not encompass succession planning for the CEO role. The risk management committee, on the other hand, centers its efforts on identifying and mitigating potential risks faced by the organization, rather than on personnel matters. Therefore, the nominating and governance committee is aptly positioned to handle CEO succession as part of its governance responsibilities.