The results of a survey carried out in advance of the recent 2013 European Corporate Governance and Company Law conference in Dublin (the survey was carried out by some of the participants), shows that for corporate governance to work in an organisation, the right culture and behaviours must be developed.
The survey also showed that participants believed that businesses need to transform risk management from often being grudging compliance to actively realising tangible business benefits.
A majority of the participants disagreed with the suggestion that introducing mandatory minimum levels was the only way to achieve appropriate diversity on boards in terms of gender, geography and race.
A large majority of the participants felt that the approach to corporate governance should be changed to prioritise substance over form and that more meaningful disclosures specific to the company should replace boiler plate corporate governance reporting.
Two-thirds of the participants in the survey agreed that more transparency is needed concerning remuneration of individual directors. A majority agreed that shareholders need more influence over remuneration policies and disclosures.
A significant number of participants felt that the corporate governance role of audit committees should not be expanded without providing guidelines on minimum training for members of audit committees.