Nominating and Governance Committee Chair Advisory Council Brief

New Boardroom Practices Emerging from the Pandemic

With the US economy reopening, many boards are planning a return to in-person board meetings. According the American Board Practices and Oversight Report, published by NACD, nearly two-thirds of directors surveyed reported that over the past year their time commitment increased by 50 percent or more. Throughout the pandemic, this increased time commitment was primarily experienced by directors in the virtual boardroom. The pandemic shifted how directors engaged with each other and management and demanded new approaches to effectively govern the business. As boards return to in-person meetings, which new practices they will choose to sustain is a major question for nominating and governance committee chairs. Did the crisis give rise to a new and possibly more effective operating model for the board?

And throughout that crisis, nominating and governance committee chairs also had to lead on the board diversity front, addressing the growing call for boards to lead on the social justice movement reborn as a result of the events of the summer of 2020. Council members were clear that the work on board diversity, equity, and inclusion that took on new urgency in 2020 is far from over.

With this backdrop, NACD, along with Heidrick & Struggles and Sidley Austin, convened more than 30 Fortune 500 nominating and governance committee chairs to \discuss a return to the boardroom and office.¹

¹ The meeting was held using a modified version of the Chatham House Rule, under which participants’ quotes (italicized) are not attributed to those individuals or their organizations, the exception of cohosts.