NACD Audit Committee Chair and Nominating and Governance Committee Chair Advisory Councils: Addressing the Challenges of Expanding Board and Committee Agendas
In brief: Board agendas continue to evolve and expand in response to emerging issues and fast-moving risk areas—from cybersecurity to heightened global political and economic volatility. Increased attention to corporate culture and environmental and social matters is also adding to boards’ workloads. In October 2018, NACD, KPMG, Heidrick and Struggles, and Sidley Austin convened a meeting of Fortune 500 company audit committee and nominating and governance committee chairs; the group explored how boards are addressing evolving oversight responsibilities and the impact on committee structures. The discussion resulted in key insights around using ad hoc committees, ensuring that the board’s processes and skills are fit for purpose, and communicating board effectiveness to investors.
This brief can help your board to
- consider how to improve its oversight of emerging issues and risk matters;
- ensure that board operations, processes, and skills reflect director demands and priorities; and
- explore whether committee charters align with director roles and responsibilities.
Most relevant audiences: nominating and governance committee members, audit committee members, risk committee members, CEOs