In "D&O Questionnaires: What Corporate Secretaries want to know," QDiligence reveals the results of its analysis of internal data (i.e., customer/client-based information) on D&O questionnaire processes and content.
Noteworthy data points include:
- Preparation
- Companies commonly begin their D&O questionnaire preparation well in advance of distribution - three months if using a paper distribution and one month if using digital distribution.
- 90% of companies consult outside counsel for rule/regulatory changes that may affect their D&O questionnaires.
- Companies average between three (digital distribution) and six (paper distribution) hours of prep time (e.g., reviewing and refreshing/updating, pre-populating data based on prior years and otherwise, proofing).
- Structure & Content
- 55% of companies use one form for all Ds & Os; the balance use multiple forms.
- D&O questionnaires average 40 pages and 65 questions.
- Most companies partially pre-populate responses in their questionnaires with prior year responses.
- Analysis
- Companies typically allow respondents 3 - 4 weeks to complete & return their questionnaires if using a paper distribution, and 2 - 3 weeks if using digital, as shown here:
- Responses infrequently (10%) require clarification or correction.
Access additional resources on our D&O Questionnaires and Annual Meeting/Proxy Statement pages. This post first appeared in the weekly Society Alert!