Participants also focused on the roles of the nominating, compensation, and audit committees noting that (1) nominating committees need to independently identify candidates for board membership rather than rubber stamp management's candidates, (2) compensation committees need to focus more on achievements related to the company's long-term strategic objectives and less on short-term accomplishments, such as meeting earnings projections, and (3) audit committees need to work more effectively with the independent auditor as defined by the Sarbanes-Oxley Act of 2002, and not get tied up in procedural matters concerned with their legal liabilities as committee members.
Participants focused on nominating committees' roles.