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While a number of NYSE CEOs surveyed say their role is more rewarding (24 percent) and more creative (33 percent) than it was five years ago, most agree that the job has become more stressful (83 percent), time-consuming (82 percent) and detail oriented (68 percent).
CEOs say overregulation (42 percent) tops the list of challenges that they expect to face in the next five years. Four out of five report spending more time on regulatory/compliance issues than five years ago — a change in priorities that means less time for supplier relations (52 percent report spending less time than five years ago), general day-to-day management (29 percent) and customer relations (21 percent).
Which governance tasks impose the most demands? More than two-thirds (69 percent) say that compliance with Section 404 of Sarbanes-Oxley is the most demanding, followed by overall monitoring and measuring of compliance and governance issues (40 percent).
Board Effectiveness: Many agree that Sarbanes-Oxley and Exchange governance rules have resulted in directors being better informed (66 percent) and more engaged (72 percent). Still, 78 percent of respondents say this has not yet resulted in boards operating more efficiently. Also, NYSE CEOs report that the governance climate has made it much harder to attract independent directors. To counter the difficulty, the CEOs report, networking (67 percent) and employing search firms (44 percent) are the best routes to recruit directors.
On Governance:
■ Board directors are more engaged (72 percent) and better
informed (66 percent).
■ It’s harder to find independent directors (78 percent). The
most effective means to find them are networking (67 percent)
and employing search firms (44 percent).
■ They are not yet convinced that overall the investment in
governance is worth the effort (68 percent).
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