When it comes to the proportion of empty seats on the boards of directors, U.S. firms report slightly fewer empty seats than Canadian companies. (See Figure 3.1.) Specifically, about 25 percent of U.S. corporations report empty seats on the board, whereas nearly 27 percent of Canadian corporations report empty board seats. These figures are based on a revenuematched sample of Canadian and U.S. companies.
As the Silicon Valley study indicates, the size of valley based companies is getting larger in a post-SOX arena. Perhaps this trend will affect entrepreneurial boards in the future and this might affect the number of open seats.
Figure 3.1: Proportion of Boards with Empty Seats - Canadian vs. U.S. Companies
Based on a revenue matched sample of Canadian and U.S. corporations