COVID-19 and the board: A chair’s point of view Sponsored by Deloitte
The way in which boards do their work at this time will be a critical factor in an organization’s ability to emerge from the current crisis and push forward into a new era of economic recovery and opportunity for the benefit of all stakeholders. To accomplish this, boards—while maintaining appropriate separation from management—should support executive leadership and share the burden.
As two chairs experiencing this within our own boards and those of our clients, we see five principles that strong boards exemplify as the crisis unfolds:Boards are social constructs; Chairs and their board members must support each other and their executive teams during this time of extraordinary challenge.
Leverage the skills and expertise of individual board members – and their experiences elsewhere – to support management’s specific set of near-term needs to enhance stability in the organization. Evaluate if new crisis-based working groups could support the organization in more successfully navigating urgent issues. For example, establishing an ad-hoc committee to focus on response—specifically, business continuity and sustainability—while the larger board focuses on recovery, and ultimately on the ability to thrive after COVID-19.
Help management by reinforcing the concept that “perfect is the enemy of the good.” Set expectations for interaction, communication, and material production that respects the situation.When thinking through engagement, boards should remember that the average corporate director in the United States and Canada sits on more than two boards
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