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The Corporate Will

A glance at recent headlines offers too many reminders of the criticality of succession planning.

The McLoughlin Company feels that even well-considered succession plans are often inadequate and much more can be done to preserve shareholder value and smooth a transition.

To address this need, The McLoughlin Company developed The Corporate Will. The Corporate Will is an easy-to-manage way to provide information to a successor if a CEO were suddenly unavailable to carry out the duties of the office.

The Corporate Will is a communication between the CEO and chairman of the board. It is a perennial compilation of issues, positions, and projects deemed to be of such immediate importance to the CEO that its knowledge is vital to the effective management of the organization by a successor. The Will adds color and perspective to items contained in the corporation’s reading file. It can also address items that have not yet reached formal board consideration. It is designed to be both reflective and directive. It is updated annually and is available to the board for review at corporate headquarters.

Please contact us to learn more about how your organization might benefit from The Corporate Will.


Further Information

Board Documents
The board is provided each year with the Board Book, updated for quarterly meetings. A complementing board reference, the Permanent Reading File, will be established and kept at corporate headquarters. The Permanent Reading File contains a list of important documents, current programs, and projects under development. Each item is abstracted, and identified with both the person immediately responsible and its physical location within the organization. Finally, there are The Corporate Will, and its companion document, The CEO Codicil.

Chief Executive Officer Codicil©
The CEO Codicil© is a companion document to the Corporate Will©. It is the most confidential of the CEO-to-the-Board writings, to be opened only upon the sudden demise of the CEO. It contains subjective comments and observations that would provide unique information to a successor in the event there were no overlap. It would address the organization, its board, management, partners, and programs in style and terms idiosyncratic to the author, the CEO.

Authorship
The CEO is solely responsible for the Corporate Will and the CEO Codicil. The Will and Codicil are the intellectual property of the CEO. They are intended to provide relevant information unavailable in tone, if not in substance, from any other source in the case of emergency.

Addenda
The Will would be updated on an annual basis, while the Codicil will be a new document each year. The CEO has the opportunity, but is not expected, to provide interim addenda to either the Will or the Codicil. Like any annual report, the documents anticipate that its contents would change in the course of the year.

Corporate Will and Codicil Confirmation
The CEO will confirm to the board each year-end that the Corporate Will© and CEO Codicil have been written and of their possession by the appropriate party, to be determined.

Access
The Will is available to Chairman and Vice Chairman of the Board of Directors in the office of the President and CEO. The Codicil would be opened by the Chairman only upon the sudden departure or death of the CEO.  It may be provided to the successor CEO by the Chairman at his discretion. It would not be made available to board members other than the Chairman.

Contents of the Will and the Codicil
The content of both the Will and the Codicil is at the discretion of the CEO. The Will would be developed in coordination with the staff while the Codicil would be solely the output of the CEO.