Governance Rankings

Board Weight Study – James Drury Partners

Ranking of America’s leading companies according to their governance capacity.

D&O Insurance Information

D&O Liability Insurance

An overview of D&O liability insurance

The Importance of Personal Indemnification Agreements

Priya Cherian Huskins explains what is an Indemnification Agreement and why a Director needs one.

Gifford and Associates

D&O Insurance Whitepaper February 2015

D&O Notebook: Directors and Officers Liability Blog

A blog that monitors, curates and summarizes issues as they arise in the areas of D&O liability, insurance, and corporate governance.

The D&O Diary

A periodic journal containing items of interest from the world of directors and officers liability, with occasional commentary.

2017 Studies

2017 Heidrick & Struggles Board Monitor report

In 2016, Fortune 500 companies filled 421 vacant or newly created board seats with non-executive directors. That represents a new high as recorded by the Board Monitor, Heidrick & Struggles’ annual study of board composition, experience, turnover, and diversity.

Women in the boardroom: A global perspective – 5th edition

Women are still largely under-represented on corporate boards globally, despite continued efforts to improve boardroom gender diversity. The 5th edition of the Women in the Boardroom report outlines efforts in over 60 countries to increase the number of women occupying board seats.

How to accelerate gender diversity on boards – McKinsey

Slow progress in adding more women to boards has dominated the conversation. But tips from standout companies are more likely to inspire others to take firmer action.

Board Refreshment Trends at S&P 1500 Firms

“Refreshment” is among the most hotly-debated topics across U.S. boardrooms and within the broader corporate governance community. While shareholders, directors, and other market constituents vary as to the reasons for their refreshment concerns, they typically include snail-paced board turnover, sky-rocketing tenures, stagnant skillsets and deficient diversity.

2016 Studies

Missing Pieces Report: The 2016 Board Diversity Census of Women and Minorities on Fortune 500 Boards

Despite modest gains, women and minorities see little change in representation on Fortune 500 boards
This multi-year study published by the Alliance for Board Diversity (ABD), in collaboration with Deloitte for the 2016 census, provides powerful metrics on the slow change of diversity in the boardroom, and may help to guide corporations and advocates toward future improvements in minority and women board participation.

2016–2017 NACD Public Company Governance Survey

Annually, more than a thousand directors and executives participate in the NACD Public Company Governance Survey. They find value in benchmarking their approach in areas such as board structure, composition, education, recruitment, and evaluation year over year, and they use the results to identify opportunities for improvement and validate board priorities for the coming year.

Are Expectations on Board Members Too High? Most Directors Think So.

This article summarizes the results of the 2016 Global Board of Directors  from Survey Spencer Stuart and WomenCorporateDirectors Foundation. 4000+ directors reveal common boardroom attitudes and processes.

Directors’ Alert Ingredients for success: Striking the right balance – Deloitte

This edition of the Directors’ Alert: Ingredients for success: Striking the right balance, highlights some of key challenges and explores potential responses that can be taken to address some of the top issues likely to face boards in 2016.

2016 Global Board of Directors – Survey Spencer Stuart and WomenCorporateDirectors Foundation

In this context, Spencer Stuart, the WomenCorporateDirectors (WCD) Foundation, Professor Boris Groysberg and doctoral candidate Yo-Jud Cheng of Harvard Business School and researcher Deborah Bell partnered together on the 2016 Global Board of Directors Survey, one of the most comprehensive surveys of corporate directors around the world.

Mapping Incoming Boardroom Talent – Heidrick & Struggles

Despite Fortune 500 boards filling a record number of seats with independent directors in 2015, diversity among new directors stalled. Find out the latest trends in boardroom composition, experience, and turnover in the 2016 Board Monitor.

Meeting the Challenge: Diversity, Digitisation & Boardrooms – Harvey Nash

In this context, This year Harvey Nash set out to uncover the impact of new developments with its second annual research on non-executive directors and chairs and answering the following questions: Have boards moved with the changing dynamics? Have they diversified their base of expertise for new challenges? Are appointment procedures more appropriately robust? Have boardrooms kept pace with the increasing demands of digitisation? Which measures should be taken to help restore public faith in the contribution business makes to society?

Technology Survey 2016: Are You Ready? – Harvey Nash

The disruptive impact of technology creates both challenges and opportunities for organisations and technology professionals. Innovation is happening fast, but as technology becomes increasingly influential, the risks also grow. All of this has an impact on careers. New skills are required, different from even five years ago. And the career path of technologists is evolving as the role increasingly focuses on highly visible, revenue-generating projects. These changes, and more, are outlined throughout this report, representing the wave that today’s technology professional has to quickly learn to ride.

2015 Studies

Results of the 2015 Proxy Season in Silicon Valley A Comparison of Silicon Valley Public Companies and Other Large Bay Area Public Companies – Fenwick & West LLP

This companion supplement to the Fenwick survey, Corporate Governance Practices and Trends: A Comparison of Large Public Companies and Silicon Valley Companies, provides insight into significant developments related to stockholder voting at annual meetings in the 2015 proxy season, among the technology and life sciences companies included in the Silicon Valley 150 Index (SV 150), as well as the public companies in other industries included in the Bay Area 25 Index (BA 25).

Still Too Few: Women of Color on Boards – Catalyst

In an era of increased efforts to diversify corporate boards, it is tempting to think that women of color would be highly sought after. But this isn’t the case.

Opening the Black Box of Board Appointments: Women’s and Men’s Routes to the Boardroom ESRC | Sapphire Partners | King’s College

A path-finding piece of research that has tracked the experiences of men and women who are seeking non-executive directorships on corporate boards in the UK.

Women on Boards: Where the U.S. Ranks – The New York Times

The United States lags many countries with advanced economies in this category, including those without government quotas.

Women on boards and firm financial performance: A meta-analysis – Academy of Management Journal

We found that female board representation is positively related to accounting returns and that this relationship is more positive in countries with stronger shareholder protections.

2020 Women on Boards Gender Diversity Index – 2020 Women on Boards

An examination of the progress of women corporate directors by state, sector & size of company from 2011-2014.

Women in the boardroom: A global perspective – Deloitte

In Deloitte’s first version, back in 2011, they struggled to find 13 countries with diversity legislation or significant programs. Today, to say they have an embarrassment of riches is an understatement: Deloitte is proud to provide details on 49 countries around the world.

Women in business: the value of diversity – Grant Thornton

There is a moral imperative to get more women on the boards of companies, but what about their financial performance? Do companies with diverse boards really perform better than those run purely by men, which currently dominate the corporate landscape? This study shows the answer is yes: they perform better. Research from the Kellogg School of Management and the Scientific American has shown how heterogeneity can boost decision making. These bodies of work were the catalyst for Grant Thornton to start exploring the impact of diverse boards – to understand the value of diversity in terms of financial performance.

Where Boards Fall Short – Harvard Business Review

Research from HBR suggests that directors believe that boards are falling short and simply put they’re just not working. Even with a host of guidelines from independent watchdogs such as the International Corporate Governance Network, the findings show that most boards aren’t delivering on their core mission: providing strong oversight and strategic support for management’s efforts to create long-term value.

GCs: Adding Value to the C-Suite – BarkerGilmore

The accepted wisdom — that a lawyer who becomes a corporate director has a fool for a client — is outdated. The benefits of lawyer-directors in today’s world significantly outweigh the costs. Beyond monitoring, they help manage litigation and regulation, as well as structure compensation to align CEO and shareholder interests. The results have been an average 9.5 percent increase in firm value and an almost doubling in the percentage of public companies with lawyer-directors.

Who Runs Silicon Valley: Board of Directors Edition – Lonergan Partners

This report is an in-depth profile of the boards and directors governing the top 150 public companies in technology in the Silicon Valley (the SV150) based on the list created by the San Jose Mercury News.

Governing the Global Company: Oversight of Complexity – The National Association of Corporate Directors (NACD)

This report highlights the necessity for boards to respond to evolving global governance demands in three areas: Board composition, with an emphasis on geographic diversity and international experience; Board processes, including the importance of well-planned agenda development, site visits, and the flow of information into the boardroom; and Directors’ individual capacities and expertise, especially an expanded time commitment and a keen sensitivity to cultural differences.

Strategies to Address Representation of Women Include Federal Disclosure Requirements – United States Government Accountability Office (GAO)

This report examines the representation of women on boards of U.S. publicly-traded companies and factors that may affect it and selected stakeholders’ views on strategies for increasing representation of women on corporate boards. GAO analyzed a dataset of board directors at companies in the S&P 1500 from 1997 through 2014; and conducted interviews with a nongeneralizable sample of 19 stakeholders including CEOs, board directors, and investors. GAO selected stakeholders to reflect a range of experiences, among various factors. GAO also reviewed existing literature and relevant federal laws and regulations.

2014 Studies

Diversifying The Outlook: The X&Y of Biotechnology Leadership – Liftstream

Through analysis of 1,491 biotechnology companies research demonstrated that biotechnology leadership is still heavily male-dominated, with 10 men for every woman in biotech boardrooms and over 50% of all biotechs have exclusively male boards.

2014 Board Practices Report – Perspectives from the Boardroom – Deloitte

Findings show that strategy tops the list of 2015 board priorities, that there is a slight decline in companies approached by a shareholder activist, and that women on boards is increasing, among others.

Every Other One: More Women on Corporate Boards – Committee for Economic Development (CED)

If prominent corporations adopt a target of recruiting women in one of every two board seat openings due to normal retirements and existing female seats are retained, CED believes that 30% participation would likely occur by 2018.

2014 Catalyst Census: Women Board Directors – Catalyst

The Catalyst Research Center for Equity in Business Leadership examines and documents workforce demographics and their impact on employees, companies, communities, and society.

Annual Census of Women Board Directors and Executive Officers – ION

Key statistical data for all Russell 3000 companies headquartered in the US.

2014 Digital Board Director Survey – Russell Reynolds Associates

Board diversity tends to rise notably when firms use a competency-based approach for recruiting and assessing potential directors.

Investor Perspectives: How investors are shaping boards today… and into the future – PwC’s Investor Resource Institute

What’s important to investors, and what do they expect of corporate directors?

Voices Being Heard: 2014 Report – The Board Connection

Significant progress has been made in numerous areas with an overall increase in the percentage of board seats filled by women and a decrease in the companies with no female directors. The data also shows that, while Texas is still behind the national average, the gap is quickly closing.

Diversity on Corporate Boards: How Much Difference Does Difference Make? – The Delaware Journal of Corporate Law

This article seeks to evaluate the case for racial, ethnic, and gender diversity on corporate boards of directors in light of competing research findings.

Trends in Board Composition Over the Past Five Years – Heidrick & Struggles

For five years H&S has sought to capture key characteristics of newly elected independent directors of Fortune 500 companies, track that data from quarter to quarter and year to year, and provide a springboard for discussion of board composition, diversity, and governance. Here is what that data has to tells about trends in director appointments over the past half-decade.

Spencer Stuart U.S. Board Index 2014 – Spencer Stuart

The 29th edition of this venerable publication continues the tradition of examining the latest data and trends in board composition, board practices and director compensation among S&P 500 companies.

How Well Do Corporate Directors – Know Senior Management? – The Conference Board Governance Center

The Conference Board, The Institute of Executive Development, and the Rock Center for Corporate Governance at Stanford University surveyed board members to see how well corporate directors know the senior executives one level below the CEO. Results revealed that, while many interact with senior executives periodically in a boardroom setting, most directors don’t have extensive exposure to them outside of the boardroom nor do they have detailed knowledge about their skills, capabilities, and performance.

GCs In The Boardroom and Beyond – BarkerGilmore and NYSE Governance Services

Today’s General Counsel play an increasingly important role in shaping company strategy and protecting the bottom line, according to results of a recent survey of directors. This survey examines the changing role of General Counsel and perceptions from business leaders. It offers a snapshot of General Counsel in the C-Suite and in the boardroom.

Lawyers and Fools: Lawyer-Directors in Public Corporations – Cornell Law Faculty Publications

The accepted wisdom — that a lawyer who becomes a corporate director has a fool for a client — is outdated. The benefits of lawyer-directors in today’s world significantly outweigh the costs. Beyond monitoring, they help manage litigation and regulation, as well as structure compensation to align CEO and shareholder interests. The results have been an average 9.5 percent increase in firm value and an almost doubling in the percentage of public companies with lawyer-directors.

2011 Studies

2011 Corporate Board of Directors Survey

This survey from Stanford University’s Rock Center for Corporate Governance and Heidrick & Struggles has uncovered surprises about who makes the best board directors: it’s not necessarily the current CEOs that most companies seek out.