Type of Board: Lead Independent Director and Sustainability Reporting

Abstract

The research considered the relationship between CEO-only type of board with or without LID (Lead Independent Director) and CSR (corporate sustainability reporting), disclosure and performance using a sample of companies listed on the S&P 500 for 2015. The data came from annual reports filed with the U.S. Securities and Exchange Commission and the Global Reporting Initiative. A CEO-only board is a type of board where the only management member of the board is the CEO. The SEC, with new urgency, is considering what CSR reporting and disclosure requirement are needed. The research study did not find significant relationships between CEO-only boards and higher levels of disclosure, reporting or performance. The study provides an aid to understanding what factors should be considered in board makeup when considering CSR reporting and disclosure. Future studies may look at other factors in CEO-only board make-up like number of women on the board and the impact on CSR and disclosure.