In last year’s Survey, we noted that concern for environmental and social issues (the “E” and the “S” of “ESG”) had reached an inflection point, having taken center stage from the more traditional governance issues (the “G” of ESG) that had been a staple of investor advocacy and discussion. This year’s dramatic and unprecedented events have compelled board members to acknowledge that the corporation’s obligation to society at large has only intensified, with some influential voices going so far as to question the long-standing shareholder primacy model of the corporation.
The Survey also continues to report on traditional governance topics, including shareholder engagement, shareholder activism, governance practices of newly public companies, CEO pay ratio, compensation clawback policies, cybersecurity and board diversity, among others. Across all topics, our goal is to provide an overview of the current corporate governance landscape and to identify best practices for Boards.
In addition to the articles, the Survey consists of a review of key governance characteristics of the Top 100 Companies, which we define as the 100 largest U.S. public, noncontrolled companies that have equity securities listed on the NYSE or Nasdaq, measured by market capitalization and revenue.