Ask a Director: What Lessons Have Boards Learned from COVID-19?

Ask a Director: What Lessons Have Boards Learned from COVID-19?

The way the COVID-19 pandemic has played out on a global stage has meant that the business climate is evolving at an unrecognizable rate. In order to keep up with these changes and provide effective oversight, directors need to be vigilant, introspective, effective, and agile now more than ever.

As we move into the end of 2020 with no end to the pandemic in sight, director perspectives on effective company guidance are evolving. What many believed would be a temporary crisis has turned into a long-term reality with the potential to permanently alter the way businesses operate. Against this backdrop, Diligent Institute contacted directors to seek their perspectives, advice, and projections about the future as a follow-up to our May 2020 Ask a Director Series: How Are Corporate Boards Responding to the COVID-19 Crisis?

Diligent Institute conducted extensive interviews with over two dozen experienced directors from different sectors, geographies, and backgrounds on how modern governance practices and behaviors are changing in response to the pandemic and its impact, which boardroom changes might be permanent, and directors’ most important lessons learned. This report provides a compilation of director responses to a series of questions about the pandemic and what it means for modern governance going forward.

  • How has the COVID-19 pandemic changed corporate governance?
  • How have director roles and responsibilities changed as a temporary crisis became permanent?
  • What pandemic-era board governance practices and mindsets will be permanent?
  • How has COVID-19 changed risk management and strategic planning?
  • Which response to COVID-19 makes directors the proudest of their organizations?
  • What are the biggest takeaways from the pandemic for directors?

To read directors responses to these questions and more, download the full report.