More than 78% of CFOs Favor Chairman-CEO Separation
In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, more than three-quarters (78 percent) believe that the roles of CEO and chairman should be held by different people. Currently, approximately 65 percent of Fortune 500 companies are led by a CEO who is also Chairman of the Board.
In addition, nearly three-quarters of the respondents think that shareholders of public companies should have greater access to the company proxy, and more than half the respondents think it would be possible to intentionally misstate their financial statement to their auditor.
“The results of this survey highlight the need to continue the dialogue regarding both the governance structure of our public companies and the importance of effective internal control systems,” said Trent Gazzaway, national managing partner of Grant Thornton’s corporate governance practice. “Continued sensible improvements in both will only strengthen our capital markets.”
Do you believe the roles of CEO and chairman of the board should be independent of each other?
Yes 77.61 %
No 20.90 %
Do you believe shareholders in public companies should have greater access to the proxy?
Yes 72.39 %
No 25.37 %
Do you believe it would be possible to intentionally misstate your financial statement to your auditor?
Yes 55.97 %
No 42.54 %
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.