With most boards now well beyond the compliance stage associated with the King II and the Sarbanes-Oxley Act, we note some interesting trends in this year’s South Africa Spencer Stuart Board Index (SSBI):
- The overall percentage of female directors is 13.4% and that of PDIs is 26.2%.
- 41% of boards have a lead director.
- 44% of all directors are independent.
- 68% of audit committees, 43% of remuneration committees, and 41% of committees managing nomination issues are chaired by an independent non-executive director.
- Boards meet on average 3.5 times a year compared with 8.4 times in the US.
- CEO evaluations have dropped: 23% of boards do not evaluate their CEO.
- A third of boards surveyed do not have an emergency succession plan.
- Nearly half the companies surveyed have implemented new codes of ethics.
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