Corporate boards of directors are facing increasing pressure to hold executives accountable and improve their oversight of strategy and risk. For example, recent actions ranging from the Delaware Court of Chancery, to the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) signal a focus on executive risk oversight and monitoring.

With more uncertainty, increased regulatory pressure, growing disclosure requirements and greater personal liability for executives themselves, an effective board is more important than ever. At its core, and effective board is one which holds executives accountable and provides oversight of strategy and risk. Yet according to a February 2023 Gartner survey of 92 general counsel, only half reported their boards as fully effective in meeting these goals.