By David F. Larcker, Brian Tayan, Dottie Schindlinger and Anne Kors, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance and the Diligent Institute, November 2019
New research from the Rock Center for Corporate Governance at Stanford University and the Diligent Institute finds that corporate directors are not as shareholder-centric as commonly believed and that companies do not put the needs of shareholders significantly above the needs of their employees or society at large. Instead, directors pay considerable attention to important stakeholders—particularly their workforce—and take the interests of these groups into account as part of their long-term business planning.
• While directors are largely satisfied with their ESG-related efforts, they do not believe the outside world understands or appreciates the work they do.
• Directors recognize that tensions exist between shareholder and stakeholder interests. That said,
most believe their companies successfully balance this tension.
• In general, directors reject the view that their companies have a short-term investment horizon in
running their businesses.
In the summer of 2019, the Diligent Institute and the Rock Center for Corporate Governance at Stanford University surveyed nearly 200 directors of public and private corporations globally to better understand how they balance shareholder and stakeholder needs.
Topics that are needed innovation in ESG Imperative for sustainable management, investing, and development. Related references are provided for consulting innovation insights.
I. Innovation Agenda for ESG Metrics
II. Innovation Agenda for ESG Sustainability Analyses
In this session, 2016 International Corporate Citizenship panelists looked at the landscape of ratings and rankings. Grasp exactly where your company is best positioned and when it might be most advantageous for you to make a commitment to participate.
Environmental, Social and Governance (ESG) investing is bringing a new lens to the world of traditional investment management. ESG is increasingly becoming a key decision criterion within the institutional and retail channels as investors seek to ensure that their investments align with their values. In this webinar, we will provide a unique understanding of distribution trends driven by ESG criteria vital to product development and sales strategies for Asset Managers.
Broadridge has partnered with MSCI ESG Research to provide Asset Managers with access to ESG factors for funds. On this webinar, we will provide a detailed overview of ESG investment trends as well as present an overview of a unique set of data that provides ESG transparency on more than 27,000 funds.
When we conducted our inaugural environmental, social and governance (ESG) survey of private equity (PE) professionals last year, it was startling to see that nearly half (49%) of our general partner (GP) respondents did not have an ESG program at their firm and had no plans to create one, despite heightened concern from limited partners (LPs) on ESG issues. What a difference a year makes—not to mention the fact that we had a higher proportion of European respondents this year, who are much more progressive when it comes to ESG issues. In our second edition of the ESG survey, a majority of GP respondents (60%) now work at a firm with an established ESG program and another 26% either have an ESG program in development or plan to create one in the near future. However, there are still some PE firms that see little value in ESG programs. As one GP respondent put it: “we think [ESG] is the most asinine initiative ever to come out in the business world.”
While some PE firms eschew ESG issues and think that strong fund performance is enough to attract LP commitments, the LPs themselves are telling a different story. Eighty-four percent of LP respondents say that ESG issues are at least somewhat important when deciding whether or not to commit to a PE fund, with 18% claiming they are essential. Furthermore, 24% said they would they would commit to a fund with slightly lower historical performance if the firm had a strong ESG program. Remember, many of the largest contributors to PE funds are public pension plans, endowments, foundations and sovereign wealth funds—institutions which not only are interested in returns but also have an image to maintain. “GPs have to be more aware of investors’ desire for knowledge of their investments beyond just the financial return,” commented one LP respondent, while adding that the responsibility ultimately falls on the investors: “GPs will only change if the LPs push them to.”
One of the big takeaways from this year’s survey is that more PE firms are taking the necessary steps to make ESG a fundamental part of their investment approach. For example, 28% of GP respondents indicated that their firm produces a corporate social responsibility (CSR) report, up from 18% in 2012. And while finding effective metrics to monitor ESG performance continues to be the largest hurdle for ESG efforts, PE firms continue to find new ways to measure their ESG initiatives and have increasingly utilized forums, case studies and industry events and guidelines to fill the knowledge gap.
We hope that this survey serves as a lens into the current state of ESG issues in the PE industry and provides a starting point for developing a set of best practices that can be adopted by firms of all sizes. If you are interested in participating in future editions of the survey, or have any comments or suggestions for how we can improve this report, please contact us at research@pitchbook.com.
This presentation helps you gain a good understanding of the fundamentals of ESG by explaining the following.
1. What is ESG - Definition and ESG Issues
2. What is ESG VS Responsible Investment (RI) - Definition of RI | Relationship between ESG and RI | Investment profile of RI vs Sustainable Investing vs Impact Investing
3. Why is ESG Important - Two Main Reasons
4. Who should Care about ESG - Key Stakeholders
5. Why They should Care - Reasons for each Stakeholder to Understand and Consider ESG Integration
6. How to Integrate ESG into Investment Process - Overview of Traditional vs ESG-Integrated Investment Process
ESG integration in Equities and Fixed IncomeNawar Alsaadi
ESG Integration Case Studies, a presentation by Nawar Alsaadi of more than 30 ESG integration case studies (Equities and Fixed Income) by a host of asset managers and asset owners around the world. (The work is derived from a CFA Institute and UN-PRI paper entitled Guidance and Case Studies for ESG Integration: Equities and Fixed Income).
Topics that are needed innovation in ESG Imperative for sustainable management, investing, and development. Related references are provided for consulting innovation insights.
I. Innovation Agenda for ESG Metrics
II. Innovation Agenda for ESG Sustainability Analyses
In this session, 2016 International Corporate Citizenship panelists looked at the landscape of ratings and rankings. Grasp exactly where your company is best positioned and when it might be most advantageous for you to make a commitment to participate.
Environmental, Social and Governance (ESG) investing is bringing a new lens to the world of traditional investment management. ESG is increasingly becoming a key decision criterion within the institutional and retail channels as investors seek to ensure that their investments align with their values. In this webinar, we will provide a unique understanding of distribution trends driven by ESG criteria vital to product development and sales strategies for Asset Managers.
Broadridge has partnered with MSCI ESG Research to provide Asset Managers with access to ESG factors for funds. On this webinar, we will provide a detailed overview of ESG investment trends as well as present an overview of a unique set of data that provides ESG transparency on more than 27,000 funds.
When we conducted our inaugural environmental, social and governance (ESG) survey of private equity (PE) professionals last year, it was startling to see that nearly half (49%) of our general partner (GP) respondents did not have an ESG program at their firm and had no plans to create one, despite heightened concern from limited partners (LPs) on ESG issues. What a difference a year makes—not to mention the fact that we had a higher proportion of European respondents this year, who are much more progressive when it comes to ESG issues. In our second edition of the ESG survey, a majority of GP respondents (60%) now work at a firm with an established ESG program and another 26% either have an ESG program in development or plan to create one in the near future. However, there are still some PE firms that see little value in ESG programs. As one GP respondent put it: “we think [ESG] is the most asinine initiative ever to come out in the business world.”
While some PE firms eschew ESG issues and think that strong fund performance is enough to attract LP commitments, the LPs themselves are telling a different story. Eighty-four percent of LP respondents say that ESG issues are at least somewhat important when deciding whether or not to commit to a PE fund, with 18% claiming they are essential. Furthermore, 24% said they would they would commit to a fund with slightly lower historical performance if the firm had a strong ESG program. Remember, many of the largest contributors to PE funds are public pension plans, endowments, foundations and sovereign wealth funds—institutions which not only are interested in returns but also have an image to maintain. “GPs have to be more aware of investors’ desire for knowledge of their investments beyond just the financial return,” commented one LP respondent, while adding that the responsibility ultimately falls on the investors: “GPs will only change if the LPs push them to.”
One of the big takeaways from this year’s survey is that more PE firms are taking the necessary steps to make ESG a fundamental part of their investment approach. For example, 28% of GP respondents indicated that their firm produces a corporate social responsibility (CSR) report, up from 18% in 2012. And while finding effective metrics to monitor ESG performance continues to be the largest hurdle for ESG efforts, PE firms continue to find new ways to measure their ESG initiatives and have increasingly utilized forums, case studies and industry events and guidelines to fill the knowledge gap.
We hope that this survey serves as a lens into the current state of ESG issues in the PE industry and provides a starting point for developing a set of best practices that can be adopted by firms of all sizes. If you are interested in participating in future editions of the survey, or have any comments or suggestions for how we can improve this report, please contact us at research@pitchbook.com.
This presentation helps you gain a good understanding of the fundamentals of ESG by explaining the following.
1. What is ESG - Definition and ESG Issues
2. What is ESG VS Responsible Investment (RI) - Definition of RI | Relationship between ESG and RI | Investment profile of RI vs Sustainable Investing vs Impact Investing
3. Why is ESG Important - Two Main Reasons
4. Who should Care about ESG - Key Stakeholders
5. Why They should Care - Reasons for each Stakeholder to Understand and Consider ESG Integration
6. How to Integrate ESG into Investment Process - Overview of Traditional vs ESG-Integrated Investment Process
ESG integration in Equities and Fixed IncomeNawar Alsaadi
ESG Integration Case Studies, a presentation by Nawar Alsaadi of more than 30 ESG integration case studies (Equities and Fixed Income) by a host of asset managers and asset owners around the world. (The work is derived from a CFA Institute and UN-PRI paper entitled Guidance and Case Studies for ESG Integration: Equities and Fixed Income).
ESG Is No Longer Optional. What Every Private Equity Manager Should KnowNavatar
Recording: https://www.youtube.com/watch?v=K5NBmZs84gY&feature=youtu.be
Responsible investment (or ESG), once a do-good sideshow, is becoming mainstream. Private equity managers must consider a host of issues, from gender diversity to carbon emissions, or risk losing investor capital and deals. The trend is only growing.
The challenge today is formalizing ESG policies to meet heightened standards. In this webinar, Navatar in conjunction with Invest Europe, brought together leading ESG thinkers from the industry to discuss how GPs should present their ESG framework to investors, what to consider during pre-investment due diligence, and ultimately portfolio monitoring and exit.
We address:
- Why your ESG strategy can make or break a deal
- What LPs want to see in your policies/practices
- Bringing your ESG DDQ to the next level
-Automation, plastics and other emerging ESG risks
Speakers:
- Maaike van der Schoot, Responsible Investment Officer, AlpInvest Partners
- James Holley, Head of ESG, Bridgepoint
- Graeme Ardus, Head of ESG, Triton Partners
- Jaideep Das, Partner, ERM
ESG Engagement Insights, a presentation by Nawar Alsaadi of best engagement practices of 30 asset managers, owners, pension funds, and non-profits around the world. (The work is derived from BlackRock & Ceres’ paper entitled Engagement in the 21st Century).
NL:
ESG Routekaart.
De dwingende uitdaging waarvoor wij staan op het gebied van milieu is, om met zijn allen de beweging in gang te zetten om de gemiddelde opwarming van de aarde tot 1,5 graden te beperken. Sommige belanghebbenden, gouvernementele organisaties en banken, vragen regelmatig om verbetering en het aanscherpen van de Europese wetgeving met betrekking tot het klimaat. De EU zou tegen 2050 een totale reductie van de binnenlandse emissies van 80% moeten realiseren. Door een eenduidig stappenplan te borgen, is een concrete stap naar verduurzamen. Denk daarbij aan de interne- en externe belanghebbenden te betrekken voor de implementatie van initiatieven om CO2-emissies te verminderen, of een stap verder zou zijn, om de emissies te compenseren. De Routekaart beschrijft aan de hand van analyses, en sector specifieke KPI’s, modellen hoe dit beleid goed zou kunnen worden geborgd in een Environmental Socio-Economic Governance beleid. De Routekaart biedt op de lange termijn een kosten efficiënt pad naar een schonere, klimaatvriendelijke bedrijf.
Short biography of the presenter; Ginio Franker, September 1966, Suriname.
Position Learning and Development NLP-trainer & Transpersoonlijke coach + Climate Leader trained by Al Gore. "A Moral Call to Climate Change" + "Environmental Justice".
Website www.greandream.com.
EN:
ESG-ROADMAP
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of ESG policies, designed and implemented well, can put us on the path to a low carbon future. ESG Key Performance Indicators are complex, so they must be sector specific, focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Sustainability managers need a clear, comprehensive resource that outlines the ESG policies that will have the biggest impact on our climate future, and describes how to implement these policies well within their own organisations.
We don’t need to wait for new technologies or strategies to create a low carbon future—and we can’t afford to. ESG-ROADMAP gives professionals the tools they need to select, design, and implement the policies that can put us on the path to a livable climate future.
The Environmental Social Governance challenges e.g: on regulatory and reputational risks, market scandals and new market opportunities makes ESG information a data source of growing importance. With ESG in company seminars, round table discussions, scholarships and online association programs, we leave no one behind. Sign up today. Zentrepreneur Environmental Social Governance Associates Training. (ZESGA).
contact@esgwatch.eu
+32485773608 BE
+31630092220 NL
ESG investing leads to sustainability and ethical business practices but does ESG investing work when you want to make money? While this way to invest is a positive social force, does ESG investing work to increase your investment assets? Or is it a way to give to charitable causes while being disguised as a way to invest? Will you make money investing this way or would you do better simply giving your money to a cause that you support?
https://youtu.be/YXdOIB5uV_8
An introduction to ESG (Environmental, Social and Governance) Investing from Artifex Financial Group, a leader in ESG portfolio research and management.
ESG research and corporate sustainability assessment proof the correlation between sustainable management integration and superior financial performance
These slides discusses on the environmental, social and governance (ESG) factors for responsible investment. It briefly covers the ongoing crisis our world economy is dealing with today, which adversely affects business owners and investors alike.
The Rise, Impact, and Challenges of ESG Factor Based Investing.JacobReynolds24
Covers a wide range of topic regarding ESG integration and ESG factor-based investing.
With many pension funds starting to follow the UN’s PRIs, and the signatories representing $70 trillion. ESG factor-based investing cannot be ignored, regardless of the participant's principles. The divestitures we are seeing by major players such as GPIF, Norwegian Oil Fund, CalSTRS as well as many smaller endowment funds.
Has this led to an increase in PE activity in the affected sectors, the driver is that the –what can be seen as forced- selling leading to said companies trading at a discount in public markets. Which leads to the question: through ESG conscious funds investing inline with their principles, do they end up bounding their returns (in the case of tobacco divestment) and arguably making the companies who are deemed poor on the E and S vector less transparent and accountable.
Sneak Peek: A Gold-standard Benchmark for ESG PerformanceSustainable Brands
Bob Willard, Thought Leader and Author, The New Sustainability Advantage
What are the key characteristics of a truly sustainable enterprise, and how can they be used to build a 'gold standard' ESG performance benchmark? How do companies need to perform on key ESG criteria, and respective KPIs, if the business world is to conform to fundamental science-based conditions required for human society to flourish on our finite planet?
The era of “nice to have ESG” ended, the era of “must have” has started. The presentation discusses the major forces in ESG, provides an overview of the approaches to ESG data collection, explains the rationale of Refinitiv’s ESG solutions and outlines aspects that should be taken into consideration when integrating ESG into the investment processes.
This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:
• The relation between ESG activities and firm value
• The impact of environmental and social engagements on firm performance
• The market reaction to ESG events
• The relation between ESG and agency problems
• The performance of socially responsible investment (SRI) funds
This Research Spotlight expands upon issues introduced in the Quick Guide “Investors and Activism”.
Presentation by Vittorio Lusvarghi, chair of the Professional Accountants in Business Committee Sustainability Task Force, at the Institute of Cost Accountants of India's National Cost Convention, New Delhi, India, March 2012.
David F. Larcker, Brian Tayan, Vinay Trivedi, and Owen Wurzbacher, Stanford Closer Look Series, July 2, 2019
Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in initiatives and programs to promote their interests, companies will create long-term value that is greater, more sustainable, and more equitably shared among investors and society. However, advocacy for a more stakeholder-centric governance model is based on assumptions about managerial behavior that are relatively untested. In this Closer Look, we examine survey data of the CEOs and CFOs of companies in the S&P 1500 Index to understand the extent to which they incorporate stakeholder needs into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs.
We ask:
• What are the real costs and benefits of ESG?
• How do companies signal to constituents that they take ESG activities seriously?
• How accurate are the ratings of third-party providers that rate companies on ESG factors?
• Do boards understand the short- and long-term impact of ESG activities?
• Do boards believe this investment is beneficial for the company?
By David F. Larcker, Brian Tayan, Vinay Trivedi and Owen Wurzbacher, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, July 2019
In spring 2019, the Rock Center for Corporate Governance at Stanford University surveyed 209 CEOs and CFOs of companies included in the S&P 1500 Index to understand the role that stakeholder interests play in long-term corporate planning.
Key Findings
• CEOs Are Divided On Whether Stakeholder Initiatives Are A Cost or Benefit to the Company
• Companies Tout Their Efforts But Believe the Public Doesn’t Understand Them
• Blackrock Advocates … But Has Little Impact
ESG Is No Longer Optional. What Every Private Equity Manager Should KnowNavatar
Recording: https://www.youtube.com/watch?v=K5NBmZs84gY&feature=youtu.be
Responsible investment (or ESG), once a do-good sideshow, is becoming mainstream. Private equity managers must consider a host of issues, from gender diversity to carbon emissions, or risk losing investor capital and deals. The trend is only growing.
The challenge today is formalizing ESG policies to meet heightened standards. In this webinar, Navatar in conjunction with Invest Europe, brought together leading ESG thinkers from the industry to discuss how GPs should present their ESG framework to investors, what to consider during pre-investment due diligence, and ultimately portfolio monitoring and exit.
We address:
- Why your ESG strategy can make or break a deal
- What LPs want to see in your policies/practices
- Bringing your ESG DDQ to the next level
-Automation, plastics and other emerging ESG risks
Speakers:
- Maaike van der Schoot, Responsible Investment Officer, AlpInvest Partners
- James Holley, Head of ESG, Bridgepoint
- Graeme Ardus, Head of ESG, Triton Partners
- Jaideep Das, Partner, ERM
ESG Engagement Insights, a presentation by Nawar Alsaadi of best engagement practices of 30 asset managers, owners, pension funds, and non-profits around the world. (The work is derived from BlackRock & Ceres’ paper entitled Engagement in the 21st Century).
NL:
ESG Routekaart.
De dwingende uitdaging waarvoor wij staan op het gebied van milieu is, om met zijn allen de beweging in gang te zetten om de gemiddelde opwarming van de aarde tot 1,5 graden te beperken. Sommige belanghebbenden, gouvernementele organisaties en banken, vragen regelmatig om verbetering en het aanscherpen van de Europese wetgeving met betrekking tot het klimaat. De EU zou tegen 2050 een totale reductie van de binnenlandse emissies van 80% moeten realiseren. Door een eenduidig stappenplan te borgen, is een concrete stap naar verduurzamen. Denk daarbij aan de interne- en externe belanghebbenden te betrekken voor de implementatie van initiatieven om CO2-emissies te verminderen, of een stap verder zou zijn, om de emissies te compenseren. De Routekaart beschrijft aan de hand van analyses, en sector specifieke KPI’s, modellen hoe dit beleid goed zou kunnen worden geborgd in een Environmental Socio-Economic Governance beleid. De Routekaart biedt op de lange termijn een kosten efficiënt pad naar een schonere, klimaatvriendelijke bedrijf.
Short biography of the presenter; Ginio Franker, September 1966, Suriname.
Position Learning and Development NLP-trainer & Transpersoonlijke coach + Climate Leader trained by Al Gore. "A Moral Call to Climate Change" + "Environmental Justice".
Website www.greandream.com.
EN:
ESG-ROADMAP
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of ESG policies, designed and implemented well, can put us on the path to a low carbon future. ESG Key Performance Indicators are complex, so they must be sector specific, focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Sustainability managers need a clear, comprehensive resource that outlines the ESG policies that will have the biggest impact on our climate future, and describes how to implement these policies well within their own organisations.
We don’t need to wait for new technologies or strategies to create a low carbon future—and we can’t afford to. ESG-ROADMAP gives professionals the tools they need to select, design, and implement the policies that can put us on the path to a livable climate future.
The Environmental Social Governance challenges e.g: on regulatory and reputational risks, market scandals and new market opportunities makes ESG information a data source of growing importance. With ESG in company seminars, round table discussions, scholarships and online association programs, we leave no one behind. Sign up today. Zentrepreneur Environmental Social Governance Associates Training. (ZESGA).
contact@esgwatch.eu
+32485773608 BE
+31630092220 NL
ESG investing leads to sustainability and ethical business practices but does ESG investing work when you want to make money? While this way to invest is a positive social force, does ESG investing work to increase your investment assets? Or is it a way to give to charitable causes while being disguised as a way to invest? Will you make money investing this way or would you do better simply giving your money to a cause that you support?
https://youtu.be/YXdOIB5uV_8
An introduction to ESG (Environmental, Social and Governance) Investing from Artifex Financial Group, a leader in ESG portfolio research and management.
ESG research and corporate sustainability assessment proof the correlation between sustainable management integration and superior financial performance
These slides discusses on the environmental, social and governance (ESG) factors for responsible investment. It briefly covers the ongoing crisis our world economy is dealing with today, which adversely affects business owners and investors alike.
The Rise, Impact, and Challenges of ESG Factor Based Investing.JacobReynolds24
Covers a wide range of topic regarding ESG integration and ESG factor-based investing.
With many pension funds starting to follow the UN’s PRIs, and the signatories representing $70 trillion. ESG factor-based investing cannot be ignored, regardless of the participant's principles. The divestitures we are seeing by major players such as GPIF, Norwegian Oil Fund, CalSTRS as well as many smaller endowment funds.
Has this led to an increase in PE activity in the affected sectors, the driver is that the –what can be seen as forced- selling leading to said companies trading at a discount in public markets. Which leads to the question: through ESG conscious funds investing inline with their principles, do they end up bounding their returns (in the case of tobacco divestment) and arguably making the companies who are deemed poor on the E and S vector less transparent and accountable.
Sneak Peek: A Gold-standard Benchmark for ESG PerformanceSustainable Brands
Bob Willard, Thought Leader and Author, The New Sustainability Advantage
What are the key characteristics of a truly sustainable enterprise, and how can they be used to build a 'gold standard' ESG performance benchmark? How do companies need to perform on key ESG criteria, and respective KPIs, if the business world is to conform to fundamental science-based conditions required for human society to flourish on our finite planet?
The era of “nice to have ESG” ended, the era of “must have” has started. The presentation discusses the major forces in ESG, provides an overview of the approaches to ESG data collection, explains the rationale of Refinitiv’s ESG solutions and outlines aspects that should be taken into consideration when integrating ESG into the investment processes.
This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:
• The relation between ESG activities and firm value
• The impact of environmental and social engagements on firm performance
• The market reaction to ESG events
• The relation between ESG and agency problems
• The performance of socially responsible investment (SRI) funds
This Research Spotlight expands upon issues introduced in the Quick Guide “Investors and Activism”.
Presentation by Vittorio Lusvarghi, chair of the Professional Accountants in Business Committee Sustainability Task Force, at the Institute of Cost Accountants of India's National Cost Convention, New Delhi, India, March 2012.
David F. Larcker, Brian Tayan, Vinay Trivedi, and Owen Wurzbacher, Stanford Closer Look Series, July 2, 2019
Currently, there is much debate about the role that non-investor stakeholder interests play in the governance of public companies. Critics argue that greater attention should be paid to the interest of stakeholders and that by investing in initiatives and programs to promote their interests, companies will create long-term value that is greater, more sustainable, and more equitably shared among investors and society. However, advocacy for a more stakeholder-centric governance model is based on assumptions about managerial behavior that are relatively untested. In this Closer Look, we examine survey data of the CEOs and CFOs of companies in the S&P 1500 Index to understand the extent to which they incorporate stakeholder needs into the business planning and long-term strategy, and their view of the costs and benefits of ESG-related programs.
We ask:
• What are the real costs and benefits of ESG?
• How do companies signal to constituents that they take ESG activities seriously?
• How accurate are the ratings of third-party providers that rate companies on ESG factors?
• Do boards understand the short- and long-term impact of ESG activities?
• Do boards believe this investment is beneficial for the company?
By David F. Larcker, Brian Tayan, Vinay Trivedi and Owen Wurzbacher, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, July 2019
In spring 2019, the Rock Center for Corporate Governance at Stanford University surveyed 209 CEOs and CFOs of companies included in the S&P 1500 Index to understand the role that stakeholder interests play in long-term corporate planning.
Key Findings
• CEOs Are Divided On Whether Stakeholder Initiatives Are A Cost or Benefit to the Company
• Companies Tout Their Efforts But Believe the Public Doesn’t Understand Them
• Blackrock Advocates … But Has Little Impact
Faculty & Research › Publications › 2015 Survey on Board of Directors of Nonprofit Organizations
2015 Survey on Board of Directors of Nonprofit Organizations
By David F. Larcker, Nicholas Donatiello, Bill Meehan, Brian Tayan
Stanford GSB, Rock Center for Corporate Governance, BoardSource, and GuideStar. April 2015
Accounting, Corporate Governance
In fall 2014, the Stanford Graduate School of Business, in collaboration with BoardSource and GuideStar, surveyed 924 directors of nonprofit organizations about the composition, structure, and practices of their boards.
Corporate Governance a Balanced Scorecard approach with KPIs between BOD, Exe...Chris Rigatuso
This paper, from 2003, during my time at Oracle, was an early attempt to define metrics for inducing accountability between BOD, executives, and operating management of corporations. It's geared to large companies, but the lessons are broadly appreciable. It was published in CFO Reviews by Anderson Consulting, and other places. It predates the SOX Sarbanes Oxley laws that were a result of the Enron Scandal.
FTI Consulting publie cette semaine une étude globale sur le thème de l’activisme actionnarial, disponible en pièce jointe de ce message.
FTI Consulting a interrogé plus de 100 investisseurs institutionnels, représentant collectivement plus de 1 700 milliards de dollars d’actifs sous gestion, sur leur perception des campagnes activistes.
Cette étude démontre que les investisseurs institutionnels sont de plus en plus favorables aux activistes, et qu’ils soutiennent plus facilement la nomination d’administrateurs indépendants au sein des conseils d'administration.
Plus de la moitié des sociétés de gestion interrogées a indiqué qu'au moins 15% des sociétés actuellement présentes dans leur portefeuille « pourraient bénéficier » d'une situation activiste. Considérant que les activistes ciblent publiquement, ou non, des centaines d'entreprises par an, ce ratio confirme l’ampleur du mouvement. La tendance actuelle devrait se poursuivre.
D’autre part, si les entreprises ont une meilleure approche et une meilleure gestion des campagnes activistes, l’enquête menée par FTI Consulting démontre que leur efficacité peut être encore augmentée. La condition préalable est de reconnaître que les investisseurs institutionnels soutiennent alors un «changement» stratégique de l’entreprise sans pour autant s’intéresser aux moyens d’y parvenir.
FTI Consulting peut ainsi contribuer à élaborer une communication transparente avec les investisseurs, mettant en valeur les changements entrepris par la société et démontrant la création de valeur à long terme, et ainsi se défendre efficacement contre les fonds activistes.
La division Strategic Communications de FTI Consulting est l'une des plus réputées au monde, avec plus de 25 ans d'expérience dans le conseil auprès des équipes dirigeantes dans le cadre de situations sensibles. Pour ses clients, FTI active les leviers de communications pour protéger et améliorer réputation et valeur d'entreprise.
N'hésitez pas à nous contacter pour plus d'informations.
L'équipe FTI Consulting
David F. Larcker and Brian Tayan, April 21, 2020, Stanford Closer Look Series
Little is known about the process by which pre-IPO companies select independent, outside board members—directors unaffiliated with the company or its investors. Private companies are not required to disclose their selection criteria or process, and are not required to satisfy the regulatory requirements for board members set out by public listing exchanges. In this Closer Look, we look at when, why, and how private companies add their first independent, outside director to the board.
We ask:
• Why do pre-IPO companies rely on very different criteria and processes to recruit outside directors than public companies do?
• What does this teach us about governance quality?
• How important are industry knowledge and managerial experience to board oversight?
• How important are independence and monitoring?
• Does a tradeoff exist between engagement and fit on the one hand and independence on the other?
The current age of hyper transparency requires more public presence of corporate managers. In today’s business world, some of the most valued behaviours include taking part in events, being accessible to the media and available in social networks, sharing new insights and trends, playing a visible role in society or featuring on the corporate video channel.
This document includes detailed percentages about different aspects that show the interdependence between CEO reputation, company reputation, and market value and it’s based on the research The CEO Reputation Premium: Gaining Advantage in the Engagement Era, carried out by Weber Shandwick, in partnership with KRC Research, who sought to quantify the value of CEO reputation and measure the importance of CEO engagement. They conducted a survey of more than 1 700 executives that worked in companies with revenues of $500 million or more and represented 19 countries around the world.
Besides, it explains what CEO’s attitudes are more valued, what activities CEOs should do and what are the core competences for a CEO to Gain a Good Reputation.
It also talks about the perceptions of the highest executive power depending on gender. However, apart from these small differences, the reputations of male and female CEOs contribute approximately the same levels to the market value of their firms.
It ends up with some suggestions to maximize CEO's public presence and benefit corporate reputation.
Document written by Corporate Excellence – Centre for Reputation Leadership, quoting the research The CEO Reputation Premium: Gaining Advantage in the Engagement Era prepared by Weber Shandwick in collaboration with KRC Research in in 19 countries around the world from surveys of more than 1 700 executives of companies invoicing 500 million USD or more and released on March 2015.
What is socially responsible investment?dean771100
Socially Responsible Investments
Socially responsible investing is one of several similar approaches and concepts that impact how asset managers invest, in a socially responsible way. SRI's have been around for over 30 years in one form or another, and take the desire to make money and use it to create a better world. Companies which generate positive, measurable social and environmental change alongside a financial return. Keep in mind that it is a developing niche and therefore not without hiccups.
Authored by: David F. Larcker, Bradford Lynch, Brian Tayan, and Daniel J. Taylor, June 29, 2020
Investors rely on corporate disclosure to make informed decisions about the value of companies they invest in. The COVID-19 pandemic provides a unique opportunity to examine disclosure practices of companies relative to peers in real time about a somewhat unprecedented shock that impacted practically every publicly listed company in the U.S. We examine how companies respond to such a situation, the choices they make, and how disclosure varies across industries and companies.
We ask:
• What motivates some companies to be forthcoming about what they are experiencing, while others remain silent?
• Do differences in disclosure reflect different degrees of certitude about how the virus would impact businesses, or differences in management perception of its obligations to shareholders?
• What insights will companies learn to prepare for future outlier events?
Authored by: avid F. Larcker, Brian Tayan, CGRI Research Spotlight Series. Corporate Governance Research Initiative (CGRI), April 2020
This Research Spotlight provides a summary of the academic literature on board composition, quality, and turnover. It reviews the evidence of:
The appointment of outside CEOs as directors
The importance of industry expertise to performance
The relation between director skills and performance
The stock market reaction to director resignations
Whether directors are penalized for poor oversight
This Research Spotlight expands upon issues introduced in the Quick Guide Board of Directors: Selection, Compensation, and Removal.
Authored by David F. Larcker and Brian Tayan, April 1, 2020, Stanford Closer Look Series
We examine the size, structure, and demographic makeup of the C-suite (the CEO and the direct reports to the CEO) in each of the Fortune 100 companies as of February 2020. We find that women (and, to a lesser extent, racially diverse executives) are underrepresented in C-suite positions that directly feed into future CEO and board roles. What accounts for this distribution?
By John D. Kepler, David F. Larcker, Brian Tayan, and Daniel J. Taylor, January 28, 2020
Corporate executives receive a considerable portion of their compensation in the form of equity and, from time to time, sell a portion of their holdings in the open market. Executives nearly always have access to nonpublic information about the company, and routinely have an information advantage over public shareholders. Federal securities laws prohibit executives from trading on material nonpublic information about their company, and companies develop an Insider Trading Policy (ITP) to ensure executives comply with applicable rules. In this Closer Look we examine the potential shortcomings of existing governance practices as illustrated by four examples that suggest significant room for improvement.
We ask:
• Should an ITP go beyond legal requirements to minimize the risk of negative public perception from trades that might otherwise appear suspicious?
• Why don’t all companies make the terms of their ITP public?
• Why don’t more companies require the strictest standards, such as pre-approval by the general counsel and mandatory use of 10b5-1 plans?
• Does the board review trades by insiders on a regular basis? What conversation, if any, takes place between executives and the board around large, single-event sales?
Short summary
We identify potential shortcomings in existing governance practices around the approval of executive equity sales. Why don’t more companies require stricter standards to lessen suspicion around insider equity sales activity? Do boards review trades by insiders on a regular basis?
By David F. Larcker, Brian Tayan
Core Concepts Series. Corporate Governance Research Initiative,
A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide takes an in-depth look at the Principles of Corporate Governance.
Authors: David F. Larcker and Brian Tayan, Stanford Closer Look Series, November 25, 2019
Among the controversies in corporate governance, perhaps none is more heated or widely debated across society than that of CEO pay. The views that American citizens have on CEO pay is centrally important because public opinion influences political decisions that shape tax, economic, and regulatory policy, and ultimately determine the standard of living of average Americans. This Closer Look reviews survey data of the American public to understand their views on compensation. We ask:
• How can society’s understanding of pay and value creation be improved and the controversy over CEO pay resolved?
• How should the level of CEO pay rise with complexity and profitability, particularly among America’s largest corporations?
• Should pay be reformed in the boardroom, or should high pay be addressed solely through the tax code?
• Are negative views of CEO pay driven by broad skepticism and lack of esteem for CEOs? Or do high pay levels themselves contribute to low regard for CEOs?
By David F. Larcker and Brian Tayan
CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, November 2019.
In fall 2019, the Rock Center for Corporate Governance at Stanford University conducted a nationwide survey of In October 2019, the Rock Center for Corporate Governance at Stanford University conducted a nationwide survey of 3,062 individuals—representative by age, race, political affiliation, household income, and state residence—to understand the American population’s views on current and proposed tax policies.
Key findings include:
--Tax rates for high-income earners are about right
--Majority favor a wealth tax … but not if it harms the economy
--Americans do not want to set limits on personal wealth
--Americans do not believe in a right to universal basic income
--Trust in the ability of the U.S. government to spend tax dollars effectively is low
--Americans believe in higher taxes for corporations who pay their CEO large dollar amounts
--Little appetite exists to break up “big tech”
by David F. Larcker and Brian Tayan, Stanford Closer Look Series, October 7, 2019
A reliable system of corporate governance is considered to be an important requirement for the long-term success of a company. Unfortunately, after decades of research, we still do not have a clear understanding of the factors that make a governance system effective. Our understanding of governance suffers from 1) a tendency to overgeneralize across companies and 2) a tendency to refer to central concepts without first defining them. In this Closer Look, we examine four central concepts that are widely discussed but poorly understood.
We ask:
• Would the caliber of discussion improve, and consensus on solutions be realized, if the debate on corporate governance were less loosey-goosey?
• Why can we still not answer the question of what makes good governance?
• How can our understanding of board quality improve without betraying the confidential information that a board discusses?
• Why is it difficult to answer the question of how much a CEO should be paid?
• Are U.S. executives really short-term oriented in managing their companies?
By David F. Larcker, Brian Tayan
Core Concepts Series. Corporate Governance Research Initiative, June 2019
A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide will take an in-depth look at Shareholders and Activism.
By Brandon Boze, Margarita Krivitski, David F. Larcker, Brian Tayan, and Eva Zlotnicka
Stanford Closer Look Series
May 23, 2019
Recently, there has been debate among corporate managers, board of directors, and institutional investors around how best to incorporate ESG (environmental, social, and governance) factors into strategic and investment decision-making processes. In this Closer Look, we examine a framework informed by the experience of ValueAct Capital and include case examples.
We ask:
• What is the investment horizon prevalent among most companies today?
• Do companies miss long-term opportunities because of a focus on short-term costs?
• How many companies have an opportunity to profitably invest in ESG solutions?
• What factors determine whether a company can profitably invest in ESG solutions?
• Can investors earn competitive risk-adjusted returns through ESG investments?
• If so, how widespread is this opportunity?
This Research Spotlight provides a summary of the academic literature on how dual-class share structures influence firm value and corporate governance quality. It reviews the evidence of:
• The relation between dual-class shares and governance quality
• The relation between dual-class shares and tax avoidance
• The relation between dual-class shares and firm value and performance
This Research Spotlight expands upon issues introduced in the Quick Guide “The Market for Corporate Control.”
By Courtney Hamilton, David F. Larcker, Stephen A. Miles, and Brian Tayan, Stanford Closer Look Series, February 15, 2019
Two decades ago, McKinsey advanced the idea that large U.S. companies are engaged in a “war for talent” and that to remain competitive they need to make a strategic effort to attract, retain, and develop the highest-performing executives. To understand the contribution of the human resources department to company strategy, we surveyed 85 CEOs and chief human resources officers at Fortune 1000 companies. In this Closer Look, we examine what these senior executives say about the contribution of HR to the strategic efforts and financial performance of their companies.
We ask:
• What role does HR play in the development of corporate strategy?
• Does HR have an equal voice or is it junior to other members of the senior management team?
• Do boards see HR and human capital as critical to corporate performance?
• How do boards ascertain whether management has the right HR strategy?
• How adept are companies at using data from HR systems to learn what programs work and why?
By David F. Larcker and Brian Tayan, Stanford Closer Look Series, December 3, 2018
Companies are required to have a reliable system of corporate governance in place at the time of IPO in order to protect the interests of public company investors and stakeholders. Yet, relatively little is known about the process by which they implement one. This Closer Look, based on detailed data from a sample of pre-IPO companies, examines the process by which companies go from essentially having no governance in place at the time of their founding to the fully established systems of governance required of public companies by the Securities and Exchange Commission. We examine the vastly different choices that companies make in deciding when and how to implement these standards.
We ask:
• What factors do CEOs and founders take into account in determining how to implement governance systems?
• Should regulators allow companies greater flexibility to tailor their governance systems to their specific needs?
• Which elements of governance add to business performance and which are done only for regulatory purposes?
• How much value does good governance add to a company’s overall valuation?
• When should small or medium sized companies that intend to remain private implement a governance system?
By David F. Larcker, Brian Tayan, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, November 2018
In summer and fall 2018, the Rock Center for Corporate Governance at Stanford University surveyed 53 founders and CEOs of 47 companies that completed an Initial Public Offering in the U.S. between 2010 and 2018 to understand how corporate governance practices evolve from startup through IPO.
David F. Larcker, Stephen A. Miles, Brian Tayan, and Kim Wright-Violich
Stanford Closer Look Series, November 8, 2018
CEO activism—the practice of CEOs taking public positions on environmental, social, and political issues not directly related to their business—has become a hotly debated topic in corporate governance. To better understand the implications of CEO activism, we examine its prevalence, the range of advocacy positions taken by CEOs, and the public’s reaction to activism.
We ask:
• How widespread is CEO activism?
• How well do boards understand the advocacy positions of their CEOs?
• Are boards involved in decisions to take public stances on controversial issues, or do they leave these to the discretion of the CEO?
• How should boards measure the costs and benefits of CEO activism?
• How accurately can internal and external constituents distinguish between positions taken proactively and reactively by a CEO?
By David F. Larcker, Brian Tayan, CGRI Survey Series. Corporate Governance Research Initiative, Stanford Rock Center for Corporate Governance, October 2018
In summer and fall 2018, the Rock Center for Corporate Governance at Stanford University conducted a nationwide survey of 3,544 individuals — representative by gender, race, age, household income, and state residence — to understand how the American public views CEOs who take public positions on environmental, social, and political issues.
“We find that the public is highly divided about CEOs who take vocal positions on social, environmental, or political issues,” says Professor David F. Larcker, Stanford Graduate School of Business. “While some applaud CEOs who speak up, others strongly disapprove. The divergence in opinions is striking. CEOs who take public positions on specific issues might build loyalty with their employees or customers, but these same positions can inadvertently alienate important segments of those populations. The cost of CEO activism might be higher than many CEOs, companies, or boards realize.”
“Hot-button issues are hot for a reason,” adds Brian Tayan, researcher at Stanford Graduate School of Business. “Interestingly, people are much more likely to think of products they have stopped using than products they have started using because of a position the CEO took on a public issue. When consumers don’t like what they hear, they react the best way they know how to: by closing their wallets.”
By David F. Larcker, Brian Tayan, CGRI Quick Guide Series. Corporate Governance Research Initiative, September 2018
This guide provides data and statistics on the attributes of the CEOs and CEO succession events at publicly traded companies in the United States. This data supplements the issues introduced in the Quick Guide “CEO Succession Planning.”
By David F. Larcker, Brian Tayan, CGRI Quick Guide Series. Corporate Governance Research Initiative, September 2018
This Data Spotlight provides data and statistics on the attributes of boards of directors of publicly traded companies in the United States. This data supplements the issues introduced in the Quick Guide “Board of Directors: Structure and Consequences.”
By David F. Larcker, Brian Tayan, CGRI Quick Guide Series. Corporate Governance Research Initiative, September 2018
This Data Spotlight provides data and statistics on unethical behavior in corporations and other negative outcomes including bankruptcy, litigation, and corruption in the United States. This data supplements in the issues introduced in the Quick Guide “Introduction to Corporate Governance.”
By David F. Larcker, Brian Tayan,
Core Concepts Series. Corporate Governance Research Initiative, September 2018
A roadmap to understanding the fundamental concepts of corporate governance based on theory, empirical research, and data. This guide takes an in-depth look at CEO succession planning.
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3. New research from the Diligent Institute and the Rock Center for Corporate Governance at Stanford
University finds that corporate directors are not as shareholder-centric as commonly believed and that
companies do not put the needs of shareholders significantly above the needs of their employees or
society at large. Instead, directors pay considerable attention to important stakeholders—particularly their
workforce—and take the interests of these groups into account as part of their long-term business planning.
• While directors are largely satisfied with their ESG-related efforts, they do not believe the outside world
understands or appreciates the work they do.
• Directors recognize that tensions exist between shareholder and stakeholder interests. That said,
most believe their companies successfully balance this tension.
• In general, directors reject the view that their companies have a short-term investment horizon in
running their businesses.
Recently, more than 180 CEOs in the Business Roundtable amended the association’s Statement on the
Purpose of a Corporation and for the first time embraced a commitment to address the interests of all
stakeholders—not just shareholders.1
In the summer of 2019, the Diligent Institute and the Rock Center for Corporate Governance at Stanford
University surveyed nearly 200 directors of public and private corporations globally to better understand
how they balance shareholder and stakeholder needs.2
Executive Summary
3
1
See Business Roundtable press release, “Business Roundtable Redefines the Purpose of a Corporation to Promote
‘An Economy that Serves All Americans,’” (August 19, 2019).
2
This study is a companion survey to one conducted of 200 CEOs and CFOs by Stanford Graduate School of Business
and the Rock Center for Corporate Governance at Stanford University in the spring of 2019, available at:
https://www.gsb.stanford.edu/faculty-research/publications/2019-survey-shareholder-versus-stakeholder-interests.
Stakeholders Take Center Stage:
Director Views on Priorities and Society
Stakeholders Take Center Stage: Director Views on Priorities and Society
4. HIGHLIGHTS FROM THE RESEARCH INCLUDE:
• Stakeholder interests are vitally important and directors believe they are being met.
Corporate directors overwhelmingly believe (89%) it is important or very important for their company
to consider the interests of non-shareholder stakeholders (such as employees, local communities, and
the general public) as they pursue their business objectives. Almost all directors (92%) are satisfied
with the job their company does to meet the interests of these stakeholders.
• Shareholder primacy is not the rule.
The vast majority of directors (77%) do not believe that shareholder interests are significantly
more important than stakeholder interests; only a quarter (23%) believe shareholder interests
are significantly more important. By contrast, a third (32%) believe shareholder interests are only
slightly more important, another third (36%) believe shareholder and stakeholder interests are
equally important, and a small minority (10%) believe stakeholder interests are more important than
shareholders.
• The general public is missing the story… or the story isn’t being told well by companies.
Corporate directors do not believe they receive the recognition they deserve for their efforts. Only a
slight majority (57 %) believe their most important stakeholders accurately understand the job their
company does to meet their interests. This lack of public recognition extends to other constituents
as well. Just over half (56%) of directors believe their largest institutional investors understand what
their company does to meet shareholder interests; 27 percent do not. Furthermore, only 18 percent of
directors think the media accurately understands what their company does to meet stakeholder needs,
while 58 percent do not.
• Pressure to act is greater outside the U.S.
Companies domiciled outside the U.S. face greater pressure from external constituents to do more
for stakeholders than U.S. companies. Over half (57%) of directors of non-U.S. companies receive
high or moderate pressure from advocacy groups. By comparison, only 30 percent of U.S. directors
say they receive high or moderate pressure from advocacy groups. The same holds true for pressure
from investors. Fifty-one percent of directors of non-U.S. companies say they face pressure from their
largest institutional investors to do more for stakeholders, while only 27 percent of U.S. directors say this.
Key Findings
4Stakeholders Take Center Stage: Director Views on Priorities and Society
5. • Larry Fink has a more receptive audience abroad than in the U.S.
In recent years, Larry Fink, the CEO of BlackRock has sent letters to the CEOs of BlackRock’s portfolio
companies encouraging them to consider broad social interests as they pursue their business
objectives. Directors of companies within and outside of the U.S. both report receiving this letter.
Outside the U.S., directors are significantly more likely to agree with Larry Fink’s ideas than inside the
U.S. For example, almost all (94%) of non-U.S. directors agree with Mr. Fink that “Society is increasingly
looking to companies, both public and private, to address pressing social and economic issues,” and
65 percent say they are motivated by this statement to implement new initiatives address these issues.
By contrast, only 81 percent of U.S. directors agree with Mr. Fink’s statement, and only 48 percent are
motivated by it to start new initiatives. Similarly, more non-U.S. directors (79%) than U.S. directors (67%)
agree with Mr. Fink that companies face pressure to “maximize short-term returns at the expense of
long-term growth”.
• Directors reject the idea that their companies are short-term oriented.
Seventy-two percent of respondents say their company predominantly considers an investment
horizon of 3 or more years in managing the business. Twenty-five percent of respondents adopt an
investment horizon of 1 to 2 years. Practically none (4%) use an investment horizon of less than a year.
Responses are similar for both U.S. and non-U.S. directors.
• The environment is directors’ largest long-term worry.
Forty-one percent of directors say that environmental issues including climate change, pollution,
waste, or recycling are the single most important ESG-related issue that has the power to negatively
impact their business over the long term. Other issues that are a top concern for directors are
increased taxes and regulations (19%), macroeconomic factors that influence trade and the economy
(18%), and workforce-related issues including the availability of employees, unionization, and regulation
(14%). Responses are largely similar between U.S. and non-U.S. directors.
Key Findings - CONTINUED
5Stakeholders Take Center Stage: Director Views on Priorities and Society
6. Shareholder vs. Stakeholder Interests in Business
6
Generally speaking, how important is it that your company consider the interests
of non-shareholder stakeholders (such as employees, local communities,
the general public, etc.) as you pursue your business objectives?
Very Important
62%
Moderately important
9%
Important
27%
Slightly important
2%
Not important
1%
“Broadly, my role as an independent board member [involves] strategic
oversight and management accountability. In each of those cases, we have
to take into account many impacted parties [not just shareholders].”
Survey Results
Stakeholders Take Center Stage: Director Views on Priorities and Society
7. 7
“Our job as a board is to listen to the forces that are out there, but we have
to stay true to the mission and vision of the company, the values of the
company, and the strategy. If you keep your eye on those elements, then
you can more mindfully balance the input from stakeholders.”
“You’re constantly juggling both shareholders and stakeholders. Sometimes
[their interests are] competing, sometimes [they are] complementary.”
“I want to hear what [stakeholder] concerns are. I want to hear with equal
weight, but I may not act with equal weight. Our job is to decide, take input
from all kinds of sources, and make sense of it.”
Shareholder interests are significantly more important than stakeholder interests
23%
Shareholder and stakeholder interests are equally important
36%
Shareholder interests are slightly more important than stakeholder interests
32%
Stakeholder interests are slightly more important than shareholder interests
4%
Stakeholder interests are significantly more important than shareholder interests
6%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Stakeholder Influence on Long-Range Plans
In general, how important are stakeholder interests relative to shareholder
interests in the long-term management of your company?
8. Local Government
Local Communities
Public at Large
Trade Unions
Other
Non-Governmental Organizations (NGOs) and Advocacy Groups
8
Employees
87%
38%
51%
38%
14%
24%
14%
“If you’re not responding to the needs, wants, and interests of employees, I
guarantee customers will suffer. They’ll respond in way that are negative to the
business, and your investors will suffer. This is an ecosystem that is interrelated.”
“If you treat your employees terribly, have a lousy culture, and are not competitive
in compensation, how are you ever going to achieve shareholder returns?”
The environment cannot speak itself, but there are NGOs and people who [speak
on its behalf]. … We treat the environment as effectively represented by those
people… and monitor the environment as a stakeholder in the same way.
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Stakeholder Influence on Daily Operations
Which stakeholders play a key role in or are impacted by your company’s
daily operations and long-term strategy?
9. Neither Satisfied nor Dissatisfied
Somewhat Satisfied
Somewhat Dissatisfied
Very Dissatisfied
9
Very Satisfied
47%
5%
45%
3%
0%
“The idea of being a good corporate citizen has been in place
[in our company] for a long time.”
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Meeting Stakeholder Interests
How satisfied are you with the job your company does to meet the interests
of these stakeholders?
10. 10
LONG -TERM IMPACT
HIGH OR
MODERATE COSTSHORT-TERM IMPACT
37% 4% 12%High or moderate cost
5% 10% 5%Little or no cost or benefit
0% 0% 28%High or moderate benefit
LITTLE OR NO
COST OR BENEFIT
HIGH OR
MODERATE BENEFIT
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Financial Impact of Stakeholder Interests
What is the financial impact to your company of meeting the interests of these
stakeholders? (Respondents requested to select one answer for the short-term
impact and one answer for the long-term impact.)
11. 11
“I think the media has overplayed this obsession with shareholders.”
“If we do our job communicating with our stakeholders… a more
well-rounded perspective will emerge.”
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Understanding Stakeholder Interests
Do you believe these stakeholders accurately understand the job your company
does to meet their interests?
Do you believe the media accurately understands the job your company does to
meet the interests of these stakeholders?
57%
YES
18%
YES
43%
NO
58%
NO
24%
I DON’T KNOW
12. 19%
Non-U.S. Respondents
26%26%
5%
12
Low
Moderate
None
High
High
United States
Moderate 38%
Low 43% 37%
None 27% 6%
12%
40%
34%
15%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Pressure from Advocacy Groups
How much pressure does your company receive from advocacy groups to do
more to meet the interests of these stakeholders?
13. 13
Do you believe that your largest institutional shareholders accurately understand
the job your company does to meet the interests of these stakeholders?
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Pressure from Advocacy Groups
Do you believe that your largest institutional shareholders really care about the
interests of these stakeholders?
60%
YES
56%
YES
23%
NO
27%
NO
17%
I DON’T KNOW
16%
I DON’T KNOW
14. 14Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Alignment of Shareholder and Stakeholder Interests
Do your largest institutional shareholders believe that a conflict exists between
their own interests and the interests of these stakeholders (i.e., do they believe
that meeting the needs of these stakeholders comes at the cost of lower
shareholder value)?
21%
YES
28%
I DON’T KNOW
52%
NO
15. 15
Low
None
Moderate
High
8%
36%
23%
33%
“Pressure from institutional shareholders is valid. They represent a big piece of
ownership. … Still, they are not as close to the business as the management team
and the board. So while their perspective is important, they shouldn’t drive a
decision that otherwise wouldn’t be reached by management and the board.”
“The board is not under obligation to do what [shareholders] ask, but they are
under obligation to listen, and they have the obligation to communicate. This is
more of a two-way street than ever before.”
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Pressure to Focus on Stakeholder Interests
How much pressure does your company receive from your largest institutional
shareholders to meet the interests of stakeholders as you develop your
long-term strategy?
16. 16
None
41%
1% to 5%
17%
More Than 10%
2%
6% to 10%
7%
I Don’t Know
24%
Less Than 1%
9%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
BlackRock’s Impact
Approximately what percent of your company’s publicly traded shares
are owned by BlackRock?
17. 17
[If yes] Do you agree with these ideas expressed by Mr. Fink?
I Don’t Know
Neither Agree Nor Disagree
Strongly Disagree
No
Agree
Disagree
Yes
Strongly Agree
22%
19%
43%
12%
0%
36%
64%
5%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Larry Fink’s Impact
In January 2019, the CEO of BlackRock (Larry Fink) sent a letter to all companies
that BlackRock invests in, encouraging them to consider broad societal interests
as they pursue their business objectives. Did your company receive this letter?
18. 18
[If yes] To what extent did this letter motivate your company to evaluate or
implement new initiatives to address one or more societal interests or more
societal interests?
I Don’t Know
To a Slight Extent
No
To a Moderate Extent
Not at All
Yes
To a Great Extent
64%
5%
33%
31%
26%
38%
2%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Larry Fink’s Impact - CONTINUED
[If yes] Did the board discuss the ideas in this letter?
19. 43%26%Strongly Agree
26%56%Agree 51%
Non-U.S. Respondents
19
Neither Agree nor Disagree
Agree
Disagree
Strongly Disagree
Strongly Agree
U.S.A
Disagree 4% 1%
Strongly Disagree 5% 1%
34%
7%
52%
4%
3%
Neither Agree
nor Disagree
10% 4%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Social Issues and Corporate Strategy
In the letter, Larry Fink writes that: “Society is increasingly looking to companies,
both public and private, to address pressing social and economic issues. These
issues range from protecting the environment to retirement to gender and racial
inequality, among others.” Do you agree with this statement?
20. 20
Neither Agree nor Disagree
Agree
Disagree
Strongly Disagree
Strongly Agree
29%
16%
49%
4%
1%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Corporate Obligations
Do you agree that your company has an obligation to address these issues?
21. 26%
25%
33%12%To a Great Extent
26%36%To a Moderate
Extent
32%
Non-U.S. Respondents
21
To a Slight Extent
To a Moderate Extent
Not at All
To a Great Extent
United States
Not at All
23%
26%
33%
18%
To a Slight Extent 26%
29%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Corporate Obligations
To what extent does this statement motivate you to evaluate or implement new
initiatives to address a specific social or economic issue?
22. 3%
13%18%
22
Neither Agree nor Disagree
Agree
Disagree
Strongly Disagree
Strongly Agree
21%
9%
52%
16%
3%
22%21%Strongly Agree
26%46%Agree 57%
Non-U.S. RespondentsUnited States
Disagree
Strongly Disagree 3%
Neither Agree
nor Disagree
13% 5%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
What Incentives Drive Strategy?
In his letter, Larry Fink also writes that: “Companies must navigate the
complexities of a late-cycle financial environment including increased volatility
which can create incentives to maximize short-term returns at the expense of
long-term growth.” Do you agree with this statement?
23. 23
Neither Agree nor Disagree
Agree
Disagree
Strongly Disagree
Strongly Agree
6%
21%
34%
26%
12%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Incentives for Short-term vs. Long-term Growth
Do you agree that your company faces incentives to maximize short-term returns
at the expense of long-term returns?
24. 24
1 Quarter
1%
3 Quarters
2%
3 Years
33%
1 Year
13%
More Than 3 Years
39%
2 Quarters
1%
2 Years
12%
“Investment horizon varies a lot by company, depending on where they are on
the maturity curve, market influences, what the competitive landscape looks like.
There may be times that a company rightfully should focused on the short term,
but in general, they should be more focused on the long term.”
“Investing in business takes a few years to pay off. Anything strategic …
[requires] a three to four-year horizon.”
“We are a company where quarters are important, but … we are focused on how
we drive long-term results while maintaining short-term success.”
“We are very much a long-term sustainable company. [We have] a brand that’s
been going well for [many] years. Our duty is to make sure it continues to go well.”
“Shareholder return is not meaningfully measured quarter by quarter by quarter.”
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Investment Horizon
In your best estimation, what investment horizon does your senior management
team predominantly consider in managing the company?
25. 25
Workforce issues including availability, unionization, diversity, engagement
or regulations that influence, restrict or require these
14%
Social issues or political pressures that lead to increased regulation or taxes
19%
Wage inequality or social unrest
3%
Healthcare issues including pricing, access, or public health
1%
Environmental issues including climate change, pollution, waste, or recycling
41%
Environmental regulations or rules that require a reduction in fossil fuels
0%
Broad economic factors including national or macroeconomic factors, tariffs,
trade wars, or personal spending
18%
Geopolitical factors or war
5%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Most Pressing Issues
What is the single most important environmental or societal issue that has
the power to negatively impact the performance of your company over the
long-term? [unprompted]
26. 26
Efforts that improve the availability of workforce, including diversity, immigration
or that improve employee education or engagement
22%
Reduction in regulations or taxes, or changes to regulations that promote competition
6%
Environment issues including efforts to improve environmental conditions or sustainability
30%
Geopolitical factors
Efforts that improve economic results for large portions of the population
29%
Efforts to improve access to or the cost of healthcare
Efforts that successfully address widespread social issues
7%
4%
2%
Stakeholders Take Center Stage: Director Views on Priorities and Society
Survey Results
Critical Issues Driving Performance
What is the single most important environmental or societal issue that has
the power to positively impact the performance of your company over the
long-term? [unprompted]
27. WHAT IS YOUR TITLE?
(SELECT ALL THAT APPLY)
Chairman of the board ............................................ 11%
Chairman and CEO .................................................. 2%
Lead independent director .................................... 10%
Outside board member .......................................... 47%
Inside board member ............................................... 9%
General counsel ....................................................... 6%
Management, not a board member ..................... 11%
Other ............................................................................. 4%
WHAT IS THE PUBLIC LISTING STATUS
OF YOUR COMPANY?
United States exchange listing ............................ 31%
Non-U.S. exchange listing ..................................... 32%
Both U.S. and non-U.S. exchange listings ........... 7%
Private, not publicly traded ................................... 29%
IF NON US WHERE IS YOUR COMPANY
PRIMARILY LISTED?
Africa ........................................................................... 13%
North America (outside the U.S.) ......................... 19%
South and Central America .................................... 0%
Asia Pacific ................................................................. 13%
Australia or New Zealand ..................................... 34%
Europe ......................................................................... 13%
Middle East .................................................................. 0%
Other, please specify: ............................................... 9%
HOW CONCENTRATED IS THE
OWNERSHIP OF YOUR COMPANY?
Ownership is widely dispersed (no single
party has effective voting control) ...................... 55%
An investment group has a significant
minority or majority voting interest ..................... 19%
A family or individual has a significant
minority or majority voting interest ...................... 15%
Other, please specify: .............................................. 11%
WHAT IS YOUR GENDER?
Male ............................................................................ 73%
Female ....................................................................... 27%
WHAT IS YOUR AGE?
Average ........................................................................ 59
WHAT IS YOUR COMPANY’S REVENUE?
$1 billion ................................................................. 53%
$1 billion to $10 billion ........................................... 34%
$10 billion to $25 billion .......................................... 8%
$25 billion ................................................................ 5%
WHERE IS YOUR COMPANY DOMICILED?
United States ........................................................... 45%
Africa ........................................................................... 8%
North America (outside the U.S.) ......................... 13%
South and Central America ..................................... 1%
Asia Pacific .................................................................. 5%
Australia or New Zealand ...................................... 15%
Europe .......................................................................... 7%
Middle East ................................................................... 1%
Other, please specify: ............................................... 5%
HOW MANY EMPLOYEES DOES YOUR
ORGANIZATION HAVE?
Up to 499 .................................................................. 29%
500 - 999 ................................................................... 16%
1,000 - 4,999 ............................................................ 26%
5,000 - 19,999 ........................................................... 18%
20,000 or more ......................................................... 11%
Respondent Information
27Stakeholders Take Center Stage: Director Views on Priorities and Society
28. WHAT INDUSTRY IS YOUR COMPANY IN?
Business services ...................................................... 3%
Chemicals .................................................................... 6%
Commercial banking ................................................ 4%
Commodities .............................................................. 2%
Communications ...................................................... 18%
Computer services .................................................... 3%
Electronics ................................................................. 15%
Energy .......................................................................... 3%
Financial services ...................................................... 5%
Food and tobacco ..................................................... 5%
Healthcare.................................................................... 3%
Industrial and transportation equipment ............. 3%
Insurance ...................................................................... 1%
Other manufacturing ................................................. 2%
Other services ............................................................ 3%
Retail trade ................................................................... 1%
Technology .................................................................. 3%
Transportation ............................................................. 0%
Utilities ........................................................................... 1%
Wholesale trade ......................................................... 4%
Other ........................................................................... 16%
Respondent Information - CONTINUED
28Stakeholders Take Center Stage: Director Views on Priorities and Society
29. 29
DAVID F. LARCKER
David F. Larcker is the James Irvin Miller Professor
of Accounting at Stanford Graduate School of
Business, director of the Corporate Governance
Research Initiative, and senior faculty of the
Arthur and Toni Rembe Rock Center for Corporate
Governance. His research focuses on executive
compensation and corporate governance.
Professor Larcker presently serves on the Board
of Trustees for Wells Fargo Advantage Funds.
He is coauthor of the books A Real Look at Real
World Corporate Governance and Corporate
Governance Matters.
Email: dlarcker@stanford.edu
Twitter: @stanfordcorpgov
Full Bio: http://www.gsb.stanford.edu/
faculty-research/faculty
/david-f-larcker
BRIAN TAYAN
Brian Tayan is a member of the Corporate
Governance Research Initiative at Stanford Graduate
School of Business. He has written broadly on the
subject of corporate governance, including boards
of directors, succession planning, compensation,
financial accounting, and shareholder relations. He
is coauthor with David Larcker of the books A Real
Look at Real World Corporate Governance and
Corporate Governance Matters.
Email: btayan@stanford.edu
Full Bio: http://www.gsb.stanford.edu/
contact/brian-tayan
DOTTIE SCHINDLINGER
Dottie Schindlinger is Vice President of Thought
Leadership for Diligent, leading provider of board
software used by over 650,000 directors and
executives globally. A frequent presenter, her
work has been featured in Forbes, The Wall Street
Journal, Corporate Board Member, and Corporate
Secretary. She co-authored the book, Governance
in the Digital Age: A Guide for the Modern Corporate
Board Director, and co-hosts The Corporate Director
Podcast, an interview show featuring leading
corporate directors. Dottie serves on the Advisory
Board of the Diligent Institute and is Vice Chair of
the Board of Alice Paul Institute. She is a graduate
of University of Pennsylvania
Email: dschindlinger@diligent.com
Twitter: @govtechgeek
ANNIE KORS
Annie Kors is the Lead Researcher for Diligent
Institute, the global think tank and research arm for
Diligent Corporation. The Institute provides publicly
available, industry-leading research on global
board governance. She authored Winds of Change:
Environmental Sustainability Rises to the Board
Level and Governing Through the Fog: Corporate
Director Perspectives on Political Uncertainty.
Given Diligent’s reach, the Institute’s research is
derived from real experience across sectors and
geographies, utilizing quantitative surveys, case
studies, and interviews with leading professionals.
Email: akors@diligent.com
About the Authors
Stakeholders Take Center Stage: Director Views on Priorities and Society
30. The Arthur and Toni Rembe Rock Center for Corporate Governance is a joint initiative of Stanford Law School
and Stanford Graduate School of Business. The center was created to advance the understanding and
practice of corporate governance in a cross-disciplinary environment where leading academics, business
leaders, policymakers, practitioners, and regulators can meet and work together.
rockcenter.stanford.edu
The Corporate Governance Research Initiative at Stanford Graduate School of Business focuses on research
to advance the intellectual understanding of corporate governance, both domestically and abroad. By
collaborating with academics and practitioners from the public and private sectors, we seek to generate
insights into critical issues and bridge the gap between theory and practice. Our research covers a broad
range of topics that include executive compensation, board governance, CEO succession, and proxy voting
gsb.stanford.edu/cgri
Stanford Corporate Governance Research Initiative
and Rock Center for Corporate Governance
30Stakeholders Take Center Stage: Director Views on Priorities and Society
31. 31
ACKNOWLEDGMENTS
The Authors would like to thank Michelle E. Gutman of the Corporate Governance Research Initiative at
Standford Graduate School of Business for her research assistance on this study.
DILIGENT INSTITUTE ADVISORY BOARD:
• Brian Stafford
• Dottie Schindlinger
• Dr. Anastassia Lauterbach
• Dr. David Larcker
• Peter Gleason
• Rahul K. Bhardwaj
• Susan Forrester
• Susan Kilsby
• TK Kerstetter
Stakeholders Take Center Stage: Director Views on Priorities and Society
32. CONTACT
Diligent Institute
111 W 33rd St
16th Floor,
New York, NY
10001
Email: Diligentinstitute@diligent.com
URL: www.diligentinstitute.com