Sep 29, 2020
How has your board of directors been handling this unprecedented Corona Crisis?
For some, the board is silent, also struggling with how to lead and refusing to show vulnerability. In other boards, they have taken the lead, worked deliberately with management to collaboratively develop a robust people-first crisis management strategy.
According to the Australian Institute of Company Directors, here are some key questions your board of directors should be asking:
- Which plans need to be activated and when? Is there a robust Crisis Management plan founded on a well tested Business Continuity plan?
- Do our plans account for this type of ongoing threat? Do they contain an appropriate focus on employee wellbeing, supply chain disruption, short- and long-term financial impact?
- What support does management need? What is the best way to support them?
- Is the business communicating timely messages to both internal and external stakeholders? Are these messages humane and accessible using different media?
- How are we monitoring the ongoing risks? Are we using big data to make better decisions?
- Are we routinely revisiting and clarifying our priorities as the crisis evolves and the landscape changes?
- Is the business planning for post-pandemic communications and stakeholder impacts?
- Are we scenario planning and testing for any negative fallout?
- Are we adjusting revenue projections if and as necessary and taking action to boost financial resilience?
If your board and management teams have not been speaking this new type of board language, it's about time to candidly respond and act proactively. Board evaluations and leadership development programs at the board level are bound to change radically as a reflection of how the board and executive teams handled this critical time. History will judge all of us leaders harshly if we make the wrong calls.
Take action urgently. Choose Human life first. Over-communicate key messages. Commit to be a proactive, ethical, courageous, and far-sighted board of directors.
Sources:
https://aicd.companydirectors.com.au/membership/the-boardroom-report/volume-18-issue-3/coronavirus-how-should-your-board-respond
https://www.pwc.com/us/en/services/governance-insights-center/library/annual-corporate-directors-survey.html?utm_campaign=sbpwc&utm_medium=site&utm_source=articletext
