A research study by Manifest’s US partners, PROXYGovernance Inc(PGI), reveals some interesting trends about US board governance. PGI’s review of Russell 3000 companies holding their 2009 annual meeting prior to July 1 reveals that boards of financial services firms have added fewer new directors since the sub-prime credit crisis began than boards in any other major sector. On average, 9.0% of directors in the financial services sector had joined since the start of 2008, compared to 11.2% of directors for the index as whole. Major differences emerge across sub-sectors, however. Large financial institutions saw far higher percentages of new directors: 19.6% at diversified banks, 12.2% at investment banks and brokerages, and 18.6% at other diversified financial services firms.
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