Spencer Stuart's annual survey of S&P 500 Nominating/Governance Committee chairs revealed these noteworthy results:
Recruiting and refreshment
- Respondents expect one director seat to change (i.e., turn over) in each of the next three years.
- The highest priority director recruiting attributes over the next three years are individuals from underrepresented groups (58%), and individuals with global perspective/experience (43%), tech experience (40%), financial experience (39%), and operational experience (38%).
- The vast majority of respondents (83%) say they have not had problems recruiting directors with diverse backgrounds. Boards reported using global search firms (37%) and leveraging their directors’ personal networks (24%) to identify racial/ethnic diverse candidates.
Priorities
- Nearly 70% of respondents identified expanding/enhancing ESG oversight as among their top five priorities, as shown here:
Board performance
- 18% of respondents reported their board having one or more underperforming directors, down from 35% last year.
Access additional resources on our Nominating/Governance Committees page.
This post first appeared in the weekly Society Alert!