Topic: Succession Planning
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What are best practices when a key executive officer or member of management resigns? Are there conflict of interest issues or security options?
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Your primary federal regulator, the FDIC, has released helpful guidance on succession planning and filling vacancies for both management and directors, and we link to those resources below. In addition, the OCC has issued guidance on succession planning, and the FFIEC’s IT examination handbook includes an appendix on business continuity and succession planning. If the…
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Our bank’s board secretary has requested a medical leave of absence for several months. Should the board appoint an acting secretary who can sign board minutes and any other documents during her absence?
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Yes, we believe it would be prudent to appoint an acting secretary to serve during the secretary’s absence. Under Illinois law (and probably your corporate bylaws) the secretary to a bank’s board of directors is required to sign many important documents, including board resolutions and board minutes, which should not be left unsigned during the…