Every year, Corporate Board Member and Spencer Stuart collaborate to survey directors of publicly traded companies to check their pulse on the challenges and best practices of corporate directorship in the United States. This year, in our 15th annual What Directors Think Survey, 230 board members shared their overwhelming concern of being ill-equipped to keep up with the acceleration of technology and disruption. This report presents our key findings.
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- Sixty-one percent of directors say their top concern is cybersecurity.
- The majority of directors (60%) support increased cyber regulation.
- Almost three-quarters (74%) of directors remain opposed to mandatory term limits, despite agreeing that a director’s seat should be reassessed after 10 to 15 years.
- Seventy-three percent of directors said they believe institutional investors’ increased pressure on board tenure and composition is a good thing, and 78 percent reported that enhancing diversity is on their agenda, particularly with respect to onboarding women.
- Half of directors say their company has a corporate social responsibility policy in place, and an additional 10 percent say they have one in the works. And 57% of directors report that an enhanced brand image and reputation and improved ability to attract and retain employees are the two biggest benefits of a corporate social responsibility program.