This paper was published as a Faculty Working Paper (no. 180)for the Lubin School of Business, Center for Applied Research, March 1999.

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This paper reports on a study that compares the views of corporate CEOs and public pension funds on two corporate governance issues: Chairman - CEO duality and election of a board lead director. Questionnaires were distributed to public pension funds, each with assets of at least $1 billion, and to corporations selected from the Standard and Poor's 500, and the Standard and Poor's midcap 400 indexes. The results indicated that CEOs did not favor either splitting the CEO and chairman positions or the election of a lead director. The pension funds also did not favor splitting the two positions, but did support the election of a lead director. Possible explanations and implications are discussed.