860 public company directors responded to PwC’s 2012 Annual Corporate Directors Survey. Of those directors, 70% serve on the boards of companies with more than $1 billion in annual revenue.
Our study shows that 91% of directors find new board members through director recommendations, suggesting that directors are more comfortable with individuals recommended by someone they know and trust.
A surprising number of boards (37%) have no clear allocation of specific responsibilities for overseeing major risks among the board and its committees.
In our study, strategic planning topped the board’s “wish list,” with over 75% of directors wanting to devote more time to it during the next year.
While directors see the opportunities in emerging technologies like social media, many are uncomfortable with the challenge of effectively overseeing IT strategy and risk.
The larger a company is, the more importance directors likely place on information technology's role in the company's business model and in creating shareholder value. Smaller companies are realizing IT's role, too. That's why sound oversight of the IT function is critical and why boards express interest in giving the issue more focus.
Our study finds the amount of time boards spend on IT oversight varies considerably: