WASHINGTON, Dec. 2, 2014 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD) today announced the release of its 2014-2015 NACD Public Company Governance Survey, which compiles perspectives on governance trends and best practices from more than 1,000 corporate directors. The survey is available at www.NACDonline.org/PublicSurvey.
Key findings from this year's survey include:
- The majority of directors are dissatisfied with the quantity of information management provides about cybersecurity and IT risk. In addition, 36 percent of respondents said they are not satisfied with the quality of the information.
- Directors are spending more time than ever on board responsibilities—an average of 278 hours per year.
- Boards are responding to shareholders' concerns about executive compensation. More than half of respondents who made changes in response to shareholder pressure expanded their executive compensation explanations in their proxy statement and 30 percent revised their executive compensation plans in the last year.
- Directors want changes in allocation of risk oversight responsibility. More than half of respondents believe this responsibility should be assigned to the full board, rather than to the audit committee alone.
- Boards' use of formal CEO succession plans is increasing. Fifty-seven percent of respondents have instituted a formal succession plan, compared to 39 percent in 2011.
"As we continually hear from our members, and as this survey bears out, concerns about cyber risk are top-of-mind for directors today. Additionally, directors are expanding the time they are spending on critical board leadership issues, from CEO succession planning to risk oversight to responding to shareholder feedback," said Ken Daly, NACD president and CEO. "NACD's annual public company governance survey provides a lens into the key issues influencing today's boardroom."
In addition to the highlights noted above, this year's report includes CEO compensation averages categorized by industry.
To obtain a copy of the survey, visit www.NACDonline.org/Survey.
About NACD
The National Association of Corporate Directors (NACD) is the recognized authority focused on advancing exemplary board leadership and establishing leading boardroom practices. Informed by more than 35 years of experience, NACD delivers insights and resources that more than 15,000 corporate director members rely upon to make sound strategic decisions and confidently confront complex business challenges. NACD provides world-class director education programs, national peer-exchange forums, and proprietary research to promote director professionalism, ultimately enhancing the economic sustainability of the enterprise and bolstering stakeholder confidence. Fostering collaboration among directors, investors, and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org. To become an NACD member, contact Kelly Dodd at kkdodd@NACDonline.org or 202-380-1891.