Succession

(redirected from Succession Rules)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

Succession

The rules of or process by which a person goes about filling a role previously held by another person. In estates, succession determines who owns the property of the decedent, with everything going to the next of kin in the absence of a will. In business, succession is the process by which one employee, especially a major executive like the CEO, is replaced by another person. In determining succession, a board of directors ought to exercise caution to ensure that an executive is not only competent, but also does not bring any conflicts of interest to the company.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Nick Clegg, the Deputy Prime Minister, last month told MPs that there has been a "de facto" change in the succession rules.
There may be cases in which companies are unable to utilize succession rules because the need for succession is unanticipated and occurs suddenly.
Figure 2 shows the effects of formal and informal succession rules on outsider succession.
* A suit attacking the DHCR's tenant succession rules on constitutional grounds.
The children's future titles come in accordance to the royal succession rules, which was set by Prince Harry's great-grandfather, King George V.
Farinas invoked the succession rules under the House committee on rules which he previously chaired as majority leader.
It said that 'clear succession rules require external experience before family can join D and L Industries.'
The current succession rules allow only men from the paternal bloodline and prohibit women from ascending the 2,000-year-old Chrysanthemum Throne.
Cameron wrote this month to fellow Commonwealth leaders describing the succession rules as "an anomaly" that should be ended.