CEOs want more from their general counsel, study finds
In a recent report by BarkerGilmore and Chief Executive Group, 70% of CEOs described their ideal GC as one who acts as a strategic business partner and is a valued member of the leadership team. The results are collected from 100 CEOs in order discuss the evolving role of the GC amid an increasing flow of disruption.
However, although the GC role has evolved in the last decades, a majority of CEOs surveyed feel their GCs are falling short when it comes to their actually being a contributing strategic business partner.Indeed, the results underline that CEOs want their GCs to step up, raise their game, and add greater value to the senior management team dynamic.
The research shows that only 22 percent of GCs are involved in the oversight of human resources, and only 17 percent of GCs oversee cybersecurity. Those are examples of prominent areas of a corporation where having the GC perspective, with more of an eye toward risk, can be of tremendous value.
Indeed, new risk factors continue to emerge alongside digital transformation and technological innovations, increased data privacy and cyber vulnerabilities. However, business acumen is the top area where CEOs say their GC could improve to further add value to the team.
Other findings underline that almost all public company GCs are now an integral part of the senior leadership team, compared with only 57 percent of private companies. Overall, the majority of companies have not yet identified a successor for their GC—a proportion that is closely correlated to company size.