Only 28% of financial services firm boards have approved succession plans for executive management, according to a PricewaterhouseCoopers survey of officials at 183 U.S. financial services firms. Only 58% have discussed succession planning, although 61% see such planning as a priority.
Separately, 76% either "strongly agree" or "agree" that derivatives will be the next area of regulatory focus for the financial services industry. Some 97% of board members said due diligence and understanding of derivatives should be a major concern for boards. Other concerns include managing performance expectations, with 22% "highly concerned" and 65% "concerned," and pressure on fees, with 25% "highly concerned" and 53% "concerned."
PwC surveyed corporate internal audit executives and members of companies' administration, audit committees and boards of directors. The survey was conducted in October.