In this issue we bring you the third installment of the Directorship 100, which celebrates those whose influence on boardroom issues furthers the state of corporate governance in the United States and around the world. As directors move to put the events of the past year and a half behind them, they are finding that the business of overseeing a company will never be the same. Directors are more attuned to the requirements of their office than ever before. They are spending more time on risk oversight, meeting more frequently to discuss strategy, and calling on more experts to provide counsel on the difficult issues they contend with. In most cases, they have moved quickly to address the issues that threatened the financial system and led to a crippling recession. But they do not take on these challenges alone. An extended cast of executives, shareholders, regulators, auditors, advisors, commentators, and lawyers influences corporate governance.
It is telling that for the second year in a row we have given top billing to a regulator. This year’s most influential person in the boardroom is U.S. President Barack Obama. (Last year, it was Congressman Barney Frank, chairman of the House Committee on Financial Services.) Obama and his team have moved quickly, in FDR fashion, to stabilize the markets, shore up the financial system, and inject stimulus into the economy. For now, these measures seem to be working. It is likely that Obama’s team of financial minds will set their sights on putting measures into place to discourage the malevolent behavior that led to crisis. Most executives and directors favor some form of common-sense reform. In fact, many CEOs, such as Goldman Sachs’ Lloyd Blankfein, have been proactive in calling for sensible reforms on executive pay practices and in other areas.
Finally, I want to thank you, our readers, for your input on the list through the numerous polls and online surveys we issued. The Directorship 100 is meant to begin the dialogue, not to end it. So, please join the discussion online at www.directorship.com/D100-2009.