The KPMG Board Leadership Center recently published three reports on issues that will be critical for corporate board members, audit committee members and private company directors to watch in 2017.
Board members will need to focus on items such as preparing for CEO pay ratio disclosures and ensuring the board composition is strategic.
“The challenge for every board in 2017 will be to make the most of its time together, focus on what counts, and keep the company’s eye on the long game,” KPMG Board Leadership Center Leader Dennis T. Whalen said. “All the uncertainty out there poses risks, but it also presents opportunities. The board’s job is to help ensure the company is taking smart risks, staying agile and being responsive to changing competitive conditions and stakeholder expectations.”
The report on audit committees recommends that they carefully examine agendas to ensure that enough focus is shone on core responsibilities like financial reporting and internal controls. For private company directors, the KPMG Leadership Center urges that adequate attention be given to finding potential conflicts of interest.
“More and more regulators around the globe — including the SEC — are focusing on the relationship and potential conflicts of interest between venture capital or private equity funds and their portfolio companies,” Salvatore Melilli, national audit industry leader for KPMG Private Markets Group, said. “Be vigilant to identify early on any potential conflicts between the interests of the portfolio company and the investment fund, and work to develop an appropriate course of action.”
KPMG LLP has offices in 152 countries, including Albania, Greece, Slovenia and Serbia.
KPMG outlines issues corporate boards need to focus on in 2017
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