Many organizations are navigating a complex, unsettling environment following the ongoing COVID-19 pandemic. Some organizations are reaching new levels of growth, while others are struggling even to survive. This means there is no ‘one size fits all’ answer for what a board must do. Board members must think beyond the immediate challenges and make deliberate choices about their goals. In this article at Forbes, Richard Samans identifies areas that require increased board stewardship in particular.
Top Priorities for Boards
Foster Strong Management
“Boards have a greater stake than ever in the health of their company’s operating context,“ says Samans. Therefore, a board must select the right leadership and support management in putting people first. Additionally, they must also support critical functions and operations for business continuity and provide oversight of financial risks and resilience.
Organizational resilience is improved through healthy principles. Board members must undertake more regular and sophisticated scenario analysis and implement crisis response and emergency succession plans at operating levels. Furthermore, board directors must engage with management to explore various business models and recovery options to enhance cultural, technical, and operational resilience.
Keep Priorities Straight
As organizations now adapt to a new economic context and changed workplace conditions, they must pay more attention to intangible value drivers. Boards must prioritize research and innovation, employee well-being, talent development, and corporate culture. They must also focus on strengthening external stakeholder relationships and trust.
Emphasize the Importance of Board Composition
With varied technical, educational, and industry experiences, people from different nationalities and backgrounds make for the right balance on a board committee. This allows the board to have a fresh perspective and see all angles of global problems like the COVID-19 pandemic.
Board directors’ wisdom, insights, and experience have never been more critical. Boards must seize this opportunity to step up their game and provide critically needed guidance to their organizations. To read the original article, click on https://www.forbes.com/sites/worldeconomicforum/2020/06/18/integrated-corporate-governance-six-leadership-priorities-for-boards-beyond-the-crisis/?sh=240ca2026ef5.