We are living in a new reality. The global COVID-19 virus is redefining words like disruption, economic and personal survival. Questions are now being raised in the United States about the ability for healthcare systems to respond to the population’s healthcare needs. The challenges that are being raised every day to our supply chain and fundamental economic realities are creating historical stress.
There’s a lot of discussion these days about preparedness. Preparedness for the pandemic, preparedness for the recession, preparedness for the unknown and the unthinkable. And there’s a lot of discussion about blame as well. They should have seen it coming, they should have seen the signs, they should have had a plan.
Corporate boards are evolving—their look and feel are different. With rule changes like the ones in California, 2020 could be a banner year, as a wave of new directors sourced from underrepresented women and minorities seek out and obtain seats on high-profile corporate boards.
Directors are digging into the risks and management response to the COVID-19 pandemic that has now taken root in the U.S. While new cases are dwindling in China, where the novel coronavirus originated, health officials say the worst is yet to come here. “Social distancing,” the practice of staying away from others, has hit Wall Street and Main Street hard in equal measure and the economic results will be far-reaching.
Temporary succession planning could become a more pressing issue in the coming weeks, as companies prepare for the possibility of executive absences related to the coronavirus pandemic, governance experts say. Finance chiefs, long seen as a steady hand within an organization, are likely contenders to temporarily fill a chief executive or chairman post if needed.
Corporate directors, after spending weeks in crisis mode, have begun to plan for the long-term fallout from the coronavirus pandemic on their operations.
The role of the corporate director and the responsibilities of the board have never been more challenging — yet vital in creating and protecting the companies and stakeholders that corporate directors serve.
In the wake of the current global volatility, corporate boards must stand tall to help secure the long-term sustainability of the corporate mission. For such a “Black Swan” event, much greater engagement will be expected of board members with respect to both the affairs of the company and the portfolio of the executive team. The engaged board can provide supplemental leadership that government cannot, or will not, provide.
Your company’s board of directors is charged with reviewing all kinds of risks to the corporation. But how well prepared are its members to do so? How ready are directors to evaluate, communicate, and act on risks — and thus to better ensure that their companies are doing a good job?
Doing regular assessments of corporate culture can help deter and uncover fraud to help leaders address problems before they lead to scandal, according to a new report. The report comes from the Anti-Fraud Collaboration, a joint effort of the Center for Audit Quality, Financial Executives International, the National Association of Corporate Directors and the Institute of Internal Auditors. The white paper, "Assessing Corporate Culture: A Proactive Approach to Deter Misconduct," recommends several approaches to help companies perform periodic assessments of the state of their culture, including culture dashboards, orientation processes, employee information gathering, incentives, problem identification and proactive listening.