Survey: Executives more upbeat on economy - Houston Business Journal:

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The survey was conducted by at an Audit Committer Institute roundtable discussionin Houston. While 44 percent of respondentds expect the recession to hit bottojby year-end, 18 percent are even more optimistic, suggestingf the worst is over. Survey respondents are in a much more upbeaf mood than six months earlier when 74 percenr said the economic downturn could last into 2010and beyond. Thougg most board members expressed confidence in senior ability to manage through the tough 54 percent said management does not have a formalo process to identify key changes in the businessw that could be linked tothe organization’s risk management efforts.
Edgar Giesinger, managing partner of KPMG’s Houston office, pointeed out that about 41 percent of the executives said they were only somewhatg or not at all satisfiedc that their company had identified the appropriate metrics to track and assess its performancr in the currenteconomicx environment. “This economy has caused boards to conduct a broadd recalibration of their governanceand oversight. Directorsd are insisting on better information abouf the business in a format that is clear and he said.
• Fifty-six percent of the respondents said thattheirf organization’s culture encourages them to a great extent to challenge and test 34 percent said they were encouraged to a limited and 10 percent said they were not encouraged at all. Generally, the respondents said, boards are “fallinyg short” in their ability or willingness to challengemanagement (32 willingness to address board performance (29 and willingness to address board composition or skillsw sets (15 percent).