New Report: Boards Cite Challenges and Strengths Amid Increased Complexity

SAN FRANCISCO, July 5, 2023 /PRNewswire/ -- As boards of directors face increased scrutiny and a wider array of complex issues, a new report from Boardspan highlights what they perceive as their biggest challenges and strengths, from management succession planning to board diversity.

Based on comprehensive coverage of board governance issues, Boardspan's 2023 Board Performance Assessment Benchmark Report finds that:

• Boards are holding themselves to account on the especially challenging issues such as Management Succession Planning, ESG, and Crisis Management, all of which are high-profile, high-stakes issues for corporations.
• Boards are increasingly leaning into their roles as strategic contributors to management serving as thought partners, validators, and constructive challengers, and creating more value for stakeholders in these efforts.
• Boards give some of their highest marks to standing committees ­– Audit, Compensation, and Nominating & Governance – for successfully stepping up to new challenges such as Say-On-Pay, Risk Mitigation and continued DEI considerations in the face of ongoing investor priorities.

"This past year saw a host of challenges for boards, with activist engagement, unplanned CEO changes, and tumultuous capital markets," said Abby Adlerman, CEO of Boardspan. "Boards need to stay on their toes, more than ever. Having objective information like benchmarking lends much needed clarity."

Benchmarks also show that boards made real gains in diversity in 2023, yet still identify it as a growth area. "Boards are becoming very intentional about who sits around the table," said Kaitlin Quistgaard, SVP of Client Solutions at Boardspan. "Given rapidly shifting market dynamics and evolving regulatory frameworks, boards are seeking a broader range of skills and life experiences to fulfill oversight responsibilities and think expansively about opportunities and threats on the horizon."

Boardspan is the only board governance solution that provides assessment benchmarking, allowing boards to gauge themselves against other boards to assess strengths and areas of challenge. The benchmarks are based on nine categories of board performance across all governance areas with scores derived from ratings on nearly 60 topics of board interest. Read the full report here. 

About Boardspan

Boardspan is the leading cloud-based software and advisory company that focuses exclusively on helping boards of directors excel. Its assessments, analytics, benchmarking, and deep content complement board search and advisory services to deliver a holistic approach to governance. Boards of all sizes and stages rely on Boardspan to deliver analysis, offer insights, and drive outcomes that improve their effectiveness and performance. Clients include Blue Shield, KKR, the PGA, Ingersoll Rand, Roblox, the Boston Beer Company, Fortive, Equinix, and the U.S. Olympic & Paralympic Committee.

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SOURCE Boardspan