Business Roundtable, an association of chief executive officers of leading U.S. companies, recently conducted its sixth annual survey of corporate governance practices. The findings of the survey, completed by member company CEOs, provide a snapshot of key corporate governance issues affecting publicly listed companies.

The results reaffirm high levels of Board independence, a trend of fewer CEOs serving on other boards, and a declining tenure of CEOs in their positions. Key findings from this year’s survey include:

• 90% of corporate boards are at least 80% independent demonstrating a continuing trend in board independence
• 76% of Roundtable CEOs serve on no more than one board and 36% do not serve on any other boards
• 75% of boards have voluntarily adopted some form majority voting for directors
• 76% of nominating committees have not received any shareholder recommendations for board candidates
• 92% of compensation committees meet in executive session
• 75% meet in executive session at every meeting
• The average tenure of a Business Roundtable CEO is down to just 5 years

Business Roundtable is committed to promoting the highest standards of accountability and ethical behavior. In 2002, the Roundtable became the first major business group to fully endorse Sarbanes-Oxley, and in 2004 the Roundtable launched the “Business Roundtable Institute for Corporate Ethics at the Darden Graduate School of Business Administration” at the University of Virginia. In 2006 we endorsed the SEC proposal requiring better transparency on executive compensation, and our companies have voluntarily moved to implement majority voting and other best practices.