James Ashton: Reckitt Benckiser's succession headache

Adrian Bellamy might not be embarking on his 20th year on the board of Nurofen maker Reckitt Benckiser and its predecessor company were it not for the untimely death of Graham Mackay in 2013.

The well-regarded SABMiller chief was expected to take over as Reckitt’s chairman, but as it is Bellamy is offering himself for re-election once again despite serving more than double the nine-year board term that is viewed as the norm.

Poor boardroom governance only becomes an issue for investors if it goes hand-in-hand with poor company performance.

Reckitt, the firm behind the Cillit Bang kitchen spray, continues to excel. Chief executive Rakesh Kapoor is cleaning up too, as his whacking £23 million payday illustrates.

That should not prevent a shake-up. Two years ago, an evaluation by the headhunter Egon Zehnder recommended that “the nomination committee should commence the planning process to identify a successor for the chairman’s role”.