Most boards make sure they get regular updates (quarterly or semiannually) on investor sentiment from investor relations, the corporate secretary, or the CFO. Boards are keen to learn how they are seen by corporate governance and ESG ratings companies, whose reports are read closely by their institutional investors. Investor-savvy boards also make sure they understand where institutional investors stand on key issues for the proxy season. Directors can ask about the time horizon of their largest investors and focus on those with a long-term orientation. The largest institutions, such as BlackRock and Vanguard, publish their corporate governance guidelines and regularly report on their policies and engagements.