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One of the most important strategic risks a board of directors manages is the succession of its chief executive officer. To provide guidance for this process, CEO Succession Practices: 2016 Edition analyzes all CEO succession events at S&P 500 companies over the last 15 years, with additional analysis based on our 2016 survey. Among the findings: in a significant shift from the past, many public companies now delegate CEO performance oversight to the board compensation committee. Policies that permit a departing CEO to remain on the board are waning as companies seek to avoid undermining new leadership or board independence.