Because a corporate culture significantly influences a company’s long-term financial performance, a board of directors should consider oversight of corporate culture as one of its duties. However, just as corporate culture is not a one-size-fits-all proposition for organizations with different characteristics and objectives, the appropriate role for directors regarding corporate culture varies with each organization and its circumstances.
“Board Oversight of Corporate Culture,” a featured session at Foley’s sixth annual National Directors Institute on March 8, 2007 in Chicago, was moderated by Michael Kirwan, of counsel, Foley & Lardner. Other panelists included James Duffy, executive vice president and general counsel, NYSE Regulation, Inc.; Gregory Holland, senior vice president, chief legal officer and secretary, MPS Group, Inc.; Alice Peterson, president, Syrus Global; and Mary M. Sawall, vice president, Human Resources, Huron Consulting Group Inc.
