remain confident in auditors
A new survey of 130 chief executive offi,cers (CEOs) from the nation's largest firms, shows that despite the Enron scandal, 75% of those leaders still have confidence in their external auditors.
The survey, which was conducted by the School of Management (SOM) and The Gallup Organization, also measured an array of governance and leadership issues, including the CEOs' confidence in their own businesses, people and acquisitions, as well as their confidence in the national economic system and in national defense.
The survey found that those CEOs who fail to invest in their existing infrastructure in favor of frequent acquisitions tend to be more likely to feel that great leaders are born that way. However, most CEOs believe that great leadership is developed over time.
Other findings include:
* Up to a quarter of the executives polled feel that their boards do not understand the firms they are overseeing.
* The CEOs stated that they trusted the integrity of their own top management more than the competence of their top management.
* The CEOs are twice as likely to be planning major investments in their staffing than in their technology in the coming year.
* While confident in their own firm's prospects in the coming year, few are confident in the nation's energy, communications and health care industries.
"The motives of the once-admired and now-widely discredited 'serial acquirers' are revealed in this survey," comments Jeffrey Sonnenfeld, associate dean of SOM. "Rather than driven by business opportunities or superior strategic vision, the CEOs who would prefer to build their empires through acquisitions, instead of investment in their current businesses, seem to be driven by hubris. It is also stunning to see how many CEOs lack confidence in their boards, financial reporting and even their own management teams. This seems to be an era for many CEOs to rethink their reliance upon their immediate associates."
The survey was completed in the last two weeks of April through a new partnership between SOM's Chief Executive Leadership Institute and The Gallup Organization.
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