Governing in the Age of Disruption

BDO USA, Corporate Board Member, and Diligent Institute surveyed 250 U.S. public company directors about the biggest challenges facing them this year.

Key Findings:

  • Economic indicators: Stubborn inflation, high interest rates and a tight labor market top the list of performance detractors in 2023—and for 2024, directors listed the business cycle as most likely to dictate strategy.
  • Strategic governance: Despite the flow of disruption in recent years, only 5 percent of directors have listed enhancing resilience as a top priority in 2024.
  • Management oversight: 63 percent of directors say their board could be more impactful in its oversight of management if it could proactively anticipate disruption.
  • Board readiness: The most sought-after skills in the boardroom remain C-Suite and industry expertise, as nearly half of directors say they can fill gaps elsewhere with third-party subject matter experts.
  • Shareholder engagement: 41 percent say shareholder activism has created more awareness for the need for good governance in the U.S., though the same proportion also say shareholders should be restricted from advisory votes and other transparency rights that second-guess board decisions on company operations.

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Directors Must Be Informed

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As the board’s agenda grows, directors are looking to sharpen their skills in key areas like cyber risk mitigation and AI governance. Directors should consider how each of the report questions and responses by their peers reflect the challenges and opportunities that they face in their own boardrooms. To be a proactive and productive board, directors must first be informed.

Amy Rojik / Principal and leader the BDO Center for Corporate Governance

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About the Report

Every year since 2002, Corporate Board Member has been surveying U.S. public company board members to take their pulse on the issues that are top of mind, the challenges they face in the year to come and the processes they seek to improve. This year, BDO USA joined Diligent Institute and Corporate Board Member to ask 250 qualifying board directors across all sectors and representing all committee roles to share their thoughts on what they have on the agenda for 2024.