Disruption, transparency and accountability were the dominant themes of the 2021 proxy season. Directors should be prepared for these themes to dominate boardroom discussions and annual meetings next year and beyond.

The pandemic’s disruptive impact, worldwide reaction to the police-involved murder of George Floyd and the racial justice movement that it energized, have prompted stakeholders to call for more transparency and accountability from everyone, including boards.  Additionally, debate over climate change, board diversity, executive compensation and other matters has ratcheted up the pressure on boards to demonstrate more active leadership. In fact, I expect the potential impact these themes will have on corporate boards over the next few years will mark the beginning of what could become known as “The Era of Hyper-Accountability.”