According to a recent report by Gartner, only 38% of company boards of directors boast high director quality and positive social dynamics. This alarming statistic has led to a new call for general counsels to take personal initiative in bettering the pipeline of prospective board candidates. The report urges these high-ranking legal officers to shift their focus from director onboarding and education to recruitment.
James Crocker, the director of research for Gartner’s legal and compliance practice, highlights the importance of this shift. He states that effective boards have a significant role in holding executives accountable and contributing positively to corporate governance, strategy, and risk management. Surprisingly, around 50% of general counsels have reported that their company’s board is not fully effective based on these criterion.
As corporate legal leaders, general counsels undoubtedly have their work cut out for them, particularly regarding optimizing board effectiveness. Their increased participation in director recruitment could mark a valuable shift in focus, helping to create high-quality, dynamic boards that are crucial for the overall success of their companies.