from Second Quarter 2009
Corporate Board Member
Nearly 550 general counsels and directors offered their views on boardroom matters in the 2009 Corporate Board Member/FTI Consulting survey. Some of the highlights are below.
Danger Areas
What area of risk does your company most need to work on?
“Understanding operational risk,” say 45% of GCs.
“Understanding financial risk,” say 18%.
Directors also put understanding operational and financial risk at the top of their list, giving each one 31% of their votes.
In Your Face
Face-to-face contact with directors during board meetings has increased, say 23% of GCs.
31% say it’s increased outside the boardroom too.
27% report they also have more frequent face-to-face contact with CEOs.
Sounds Like Our Old Report Cards
45% of the GCs who believe their executive officers are managing company risk well think there is still “room for improvement.” They view their board members a tad less favorably: 52% of the GCs who think directors manage risk well believe they could do better.
D.C. Fallout
Regulatory compliance will create the most work for their in-house legal departments, according to 37% of the general counsels. Another 18% think employee layoffs will provide the big legal workload.
Someone to Watch Over Me
Should the general counsel be considered the chief ethics officer?
Yes, according to 74% of the GCs.
The Deciders
A full 86% of the general counsels say that geographic considerations help shape their choice of outside counsel, and 77% say they’d consider a value-pricing structure as an alternative to hourly-rate billing when making that decision.
Click here to see the complete survey results.
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