The 2025 ESOP Corporate Governance Survey

This survey report includes comprehensive data on board policies and practices, trustee types, and other governance topics along with demographic questions. The NCEO has conducted surveys on ESOP companies' corporate governance since 2005. Our 2025 survey received responses from 556 ESOP companies in May-June 2025. Data is presented across multiple demographic categories including revenue, selected industries, employee count, ESOP ownership percentage, and age of ESOP. 

Download sample tables from the report at this link (PDF).

Our thanks to our 556 respondents! All respondents have been emailed a copy of the report.

After purchasing the report, you'll receive an email with a download link and can also download the file immediately from the order confirmation screen. You can also access the file anytime from the Orders screen in your NCEO account. Please contact research@nceo.org for any questions or assistance. 

Survey Details

The report includes the following information:

• Descriptive demographic information about the respondents
• Makeup of the board and committees (inside, affiliated, and independent directors)
  
• ESOP trustee type (inside/outside, institutional/individual/committee, directed/discretionary/mixture)
• Board policies and practices
• Perspectives and perceptions of board governance
• Nominations, vacancies, and term limits of board members
• Outside trustee compensation at the 10th, 25th, 50th, 75th, and 90th percentiles.

This information is presented for both the overall survey sample and as breakouts for each of the following company characteristics:

• Revenue
• Number of employees
• Percent ESOP ownership
• Age of ESOP
• Industry:
  • Construction
  • Manufacturing
  • Engineering or architecture
  • All other professional, scientific, and technical services

We are happy to provide additional demographic breakouts tailored to your company at no additional cost, where sample size permits. 

Please contact research@nceo.org to request this.

Terms of Use

By purchasing the NCEO's ESOP Corporate Governance Survey report, you are agreeing to following terms of use:

• Companies may share the report with anyone at the company, including outside board members and consultants, but may not circulate it outside the company.
• Companies sharing the report with outside board members and consultants must specify that its use is limited to the company, and must acknowledge the NCEO as the source. 
• ESOP service providers and other service providers or consultants may use this report to advise clients, as long as they acknowledge the NCEO as the source and make clear that it should not be circulated outside the client's company.