PowerTalk #11 - Preparing the Board for a Post-COVID World

The pandemic has had an unprecedented and far reaching impact on all aspects of business. While growth has always been the primary business purpose, many companies are now simply trying to survive. It is in times of crisis that some companies show their true worth and others reveal the cracks in the foundation. As the world seeks to rebound from one of the most significant crises of our lifetime, what are the lasting lessons this period will leave Boards with?

While it is the responsibility of the management to execute strategy, oversight and long-term sustainability are firmly in the hands of the Board. Without strong corporate governance, starting in the boardroom, companies will struggle to endure. Boards will need to consider their composition and diversity, with an appropriate balance of skill and strategic mindsets that will be able to see them through times of crisis. Indeed, it has certainly brought a sharp focus on the role of the Non-Executive Director (NED) and the capabilities and skills required to address critical issues and the review on whether there is a need to shift from constructive challenge to more of a supportive role. 

Inevitably, it is the responsibility of the individual members to commit to their boards with the attention that their organisation deserves and an understanding of and preparation against modern day existential threats. Unsurprisingly, Boards may be ‘waiting for the fog to clear’ though we are not expecting that to come anytime soon. There is work to be done and we cannot afford to lose momentum. 

What is your next move – as a board member and collectively as a board?

Target Audience

• All Directors - Aspiring, new, experienced and nominee directors from the public and private sectors
• Governance professionals
• C-suite executives & senior management working with Boards

Learning Outcomes

• Review and explore the new board rules for a post-COVID world
• Understand the role of boards during a crisis
• Enhance your ability in preparing for black swan events
• Gain an overview on new workforce considerations
• Look into the evolving roles of NEDs post-crisis