Home > Uncategorized > McKinsey survey offers a disappointing picture of board governance

McKinsey survey offers a disappointing picture of board governance

The following is a link to a blog by Norman Marks–see Norman’s June 2 blog, Under-Performing Boards Seem to Abound, about a recent McKinsey survey pertaining to board performance,

http://normanmarks.wordpress.com/tag/corporate-governance/

The following is the link to the McKinsey board governance survey with approximately 1500 respondents,

http://download.mckinseyquarterly.com/governance_since_the_economic_crisis.pdf

The survey offers a rather disappointing picture of how approximately 25% to 30% of boards are performing or believe they are performing.  As a general matter, a relatively large number of boards felt that they need to spend more time on important areas including strategy and risk, and that they lack knowledge, information and/or experience about the entity and its operations, its industry, and risk management in general.  A large number of boards wanted additional input from shareholders about matters that the shareholders felt were important.  The survey suggests that a relatively large number of boards are spending inadequate time on board matters, and need additional knowledge, information and experience in important areas.  On the other hand, the apparent honesty of at least some of the survey responses is to be commended.

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