METHODOLOGY
In order to generate this report we undertook various data collection methods between April and June 2013 and supplemented this data with interviews and reviews in the summer and autumn of 2013.
Report inputs
We used three sources of input to help us understand the current corporate governance landscape.
Data analysis
In previous reports data has been gathered through annual company reports, with the assistance of each of the researchers from fifteen countries. On this occasion, to facilitate the process – and to be consistent – we used data collected by BoardEx – which also uses company annual reports to populate its database. In total we collected data from the top 400 publicly listed companies across the fifteen countries we analysed. BoardEx data is regularly updated and refreshed, presenting a snapshot of current corporate governance activity at one point in time. Where applicable we have used role definitions supplied by BoardEx, this will include their very specific definition of Independent directors.
Board effectiveness survey
To complement the ‘hard’ data, we developed a survey tool that looked at issues crucial to board performance, We used the six elements of dynamic governance to shape our approach. Through an online survey we gathered opinions of board members across Europe asking them to assess how important they felt issues were and how well they thought their board was performing on these issues. The board evaluation process was also measured. In total 236 senior board members across Europe completed the survey.
Observations from local experts
On completion of the data collection, the findings were shared with the Heidrick & Struggles European Board Practice partners, who applied their local knowledge and expertise to assess, revise and validate the findings, identifying any gaps, and adding some explanation or reasoning behind the thinking / outcomes. We also shared our findings with a number of business and academic partners to gain their views and input.
Company and data samples
In total, data for 15 countries has been collected from the top 400 publicly listed companies on stock exchanges within each of the countries. In total 236 Senior Board members responded to our online survey.
Austria Belgium Denmark Finland France
Germany Italy
Netherlands Norway Poland
Portugal Spain
Sweden Switzerland United Kingdom Board structures
The authors recognise that there are a number of systems relating to board structures across Europe (e.g. unitary or two-tier systems). Where this was felt to have a potential impact, a footnote is provided at the bottom of each table clarifying the data measurement.
ATX - 20 BEL - 20 C - 20
OMX Helsinki - 20 CAC – 40 DAX – 30 MIB – 40 AEX – 25 OBX – 20 WSE – 20 PSI – 20 IBEX – 35
OMX Stockholm – 20 SMI – 20 FTSE – 50
44 Towards Dynamic Governance 2014 – European Corporate Governance Report
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