Corporate boards are offered valuable guidance on their oversight of the corporate legal function by the 2023 edition of the Chief Legal Officers Survey (“Survey”) from the Association of Corporate Counsel (“ACC”). A highlight of this year’s Survey is the increasing direct involvement of CLOs in corporate business affairs, as opposed to having more limited exposure to such matters.
The annual ACC Survey is an important resource to help boards consider the role of legal affairs in the executive leadership team, and as to the size, structure and hierarchical positioning of the company’s legal department. This is critical to the board’s fundamental oversight obligation to assure that the company has a properly functioning legal affairs component.
