The 2020 global COVID-19 pandemic presents a moment for corporate boards to step up and shine. Management teams and their boards are juggling a wide array of concerns right now, from the health of their workforces to volatile equity markets to shuttered debt markets.
So, what should boards do in a moment of crisis such as this? Here are 10 questions to help guide boards at this time. Roughly half of them pertain to operations — basically, keeping the company’s lights on — and the other half relate to the financial state of the company.
1. What can you do to ensure the health and safety of your workforce?
2. What is your CEO succession plan?
3. What is the company’s ability to cover near-term expenses?
4. What tradeoffs do we have to make around payroll expenses?
5. Do we need to adjust our supply chains?
6. Are we prepared to work remotely for an extended period of time?
7. How do we keep our company culture alive?
8. How are we interacting with the financial markets?
9. How strong is our underlying business model?
10. Are we behaving as a socially responsible organization?
By most indications, the next several quarters, if not years, will be tough for boards, senior leaders, and the companies they run. These questions can serve as a guide for boards and senior business leaders as they navigate the current circumstances. You can read more in depth information on each of the aforementioned questions -> here