WASHINGTON, Oct. 29, 2013 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD) has released its 2013-2014 NACD Public Company Governance Survey after receiving a record number of responses—more than 1,000 corporate directors shared their perspectives of the state of their boards. In addition to setting a response record, this year's survey also produced another record-breaking number: the amount of hours directors are spending on boardroom matters. Average annual director time commitment has increased to 235.9 hours per board, up from 218.6 hours last year.
Key findings from this year's survey include:
- Executive talent management and leadership development ranked fifth in priority of leading issues, a huge jump from 13th place just five years ago. (For more information on executive talent development, visit http://www.NACDonline.org/talent.)
- Nearly 60 percent of boards replaced or added at least one director in the last 12 months, compared to 41 percent in 2012.
- Directors are most likely to use nomination by board committees (72.3%) than personal networks (69.9%) when searching for candidates to fill open board seats.
- More than 60 percent of respondents believe directors could use improvement when it comes to understanding IT risk, noting that directors have some technical knowledge.
- There is no "one-size-fits-all" approach for allocating risk oversight, though most respondents continue to assign the majority of risk oversight tasks to the audit committee.
- Directors are more content with allocating risk to the full board—nearly all (92.7%) directors who currently assign risk oversight to the full board believe this is the correct location.
"Whether it's additional regulatory activity or legislation, demands from shareholders, or scrutiny from the media and public, the pressures of corporate directorship continue to increase," said Ken Daly, NACD president and CEO. "NACD's annual public company governance survey captures a snapshot of today's boardroom environment to enable us to better anticipate trends, develop leading practices, and inform future decisions."
In addition to these highlights, this year's survey includes an expanded section on board composition and diversity, as well as new data on the impact of various stakeholder groups in the boardroom.
For more information or to obtain a copy of the survey visit http://www.NACDonline.org/Survey.
The National Association of Corporate Directors (NACD) is the only membership organization focused exclusively on advancing exemplary board leadership. Based on more than 35 years of experience, NACD identifies, interprets, and provides insights and information that corporate board members rely upon to make sound strategic decisions, confidently confront complex business challenges, and enhance shareowner value. With 14,000 corporate director members, NACD provides world-class director education, director training, and proprietary research about leading boardroom and corporate governance practices to promote director professionalism and bolster investor confidence. Furthermore, to create more effective and efficient corporate boards, NACD provides independent board evaluations and custom-tailored in-boardroom education and training programs, as well as director-led conferences, forums, and peer-exchange learning opportunities to share ideas about current and emerging issues. Fostering collaboration among directors and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org. To join, contact Kelly Dodd at kkdodd@NACDonline.org or 202-380-1891.
CONTACT: Media Contact: Henry Stoever Chief Marketing Officer 202-775-0509 hstoever@NACDonline.orgSource:National Association of Corporate Directors