The study, GCs: Adding Value to the C-Suite, which was conducted by executive search firm BarkerGilmore and NYSE Governance Services, showed that general counsel are adding greater value by advising on all areas of corporate governance, from shareholder engagement to ethics and compliance.‘ CEOs and board members increasingly expect the general counsel to add value as a leader in the C-Suite and bring keen perspectives on company issues, especially as the regulatory environment expands and competition in the market increases,’ said Robert Barker, managing partner at BarkerGilmore.
Increasing pressure
BarkerGilmore Managing Partner John Gilmore noted that, ‘Owing to the elevated importance and influence of the GC on executive teams, there is increasing pressure to have a GC succession plan prepared and readied. As awareness has grown, the efforts and resources being devoted to succession planning have also been amplified. The survey has also found that found while 86 per cent of respondents said General Counsel succession planning was a priority, only 40 per cent said their firm has a formal succession plan in place. These percentages point to the challenges companies face in identifying and developing internal talent for the GC role.
Other key findings of the study include:
• 90 per cent of board members and CEOs expect internal general counsel succession candidates to be benchmarked against external talent
• More than half of company directors believe having a general counsel serving as an independent director on an outside board adds value to the company
• Directors agree that their general counsel would most benefit from additional expertise in cyber security, social media, and crisis management
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