The majority of large US and global corporations have not yet completed their Year 2000 compliance projects, the latest millennium poll shows.
According to a survey conducted by Y2K guru Ed Yardeni, although 72 per cent of respondents said they were more than three quarters of the way through their remediation work, 92 per cent have not actually completed the work and one in ten will not finish until well into next year.
Further more, of those companies still working on completing their projects, 33 per cent are behind their schedule.
Yardeni polled an online audience over the last few weeks that included large US companies (55 per cent) and global companies (20 per cent). 61 per cent of all respondents have over 1,000 employees.
Yardeni said the figures also suggest that there is widespread blind faith among corporations that their suppliers will be ready for the changeover.
Thirty five per cent said they are still waiting for mission critical software to be delivered by their suppliers and only 12 per cent of large companies are actually verifying their business partners' Y2K readiness by conducting on-site visits.
Legal issues are a concern for 63 per cent of respondents, but more than half said they feel lawsuits against their companies are unlikely.
Surprisingly, when asked if legal considerations are affecting their ability to publicly share information about Y2K, 25 per cent said they are in better shape than their lawyers will permit them to say.
On a personal level 61 per cent of those questioned said they were expecting disruption on New Year's Eve 1999 and 41 per cent are preparing for this (predominantly stocking up to one week of food)
Yardeni commented: "I'm glad to see that large company Y2K managers are optimistic, but their complacency could backfire if they don't properly asses the weak links in their supply chains and prepare appropriate contingency plans."
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