More than 400 board members were surveyed about their feelings on various corporate governance issues at the recent Corporate Board Member and NYSE Euronext's Annual Boardroom Summit. Here's one interesting question:   

Which of the following statements best reflects your views on the accountability of the board when a violation of compliance occurs under their watch?

1. It is impossible for a board to oversee all compliance issues in today's world and investors should understand that--22 percent agreed.

2. Boards can still influence the culture and actions of a company and, along with management, must be held accountable for compliance violations that result in investigations or charges against the organization--78 percent agreed. 

Were you surprised by this? Many will be heartened that a clear majority of directors accept responsibility, but were you somewhat surprised that the take-responsibility feeling wasn't nearly universal. More than one-fifth take the opposite stance. One could argue that they were being too honest. Certainly, in today's climate you do not want to be publically identified as someone with such views. But there's a lot of truth to the statement.

There are myriad local, state and federal laws, and there's no way the board can be intimate with all of them. The issue really is to be smart with oversight and make sure the company has all bases covered. In some instances, however, the board should be expected to play a leading role.

For more:
- here's the survey

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