Cover Story

Lessons From the Global Financial Crisis

By Stephen L. Boane


Directorship Magazine

With the recent volatility of the economy, many financial experts are predicting a recession, but the challenges of a pandemic and the challenges of a recession are not the same. Recovering from a pandemic requires a response most akin to crisis management, particularly in sourcing reliable supply. But a recession brings a different set of challenges that are more centered on demand and liquidity. Board governance is continually evolving: the skills and processes of governance that worked in the pandemic, or in more normal and prosperous times, will likely need to be revisited should the economy enter a recession. Here are some lessons learned from executives and boards who met the challenges of the last great financial crisis, the Global Financial Crisis in 2007–2008, which can be relevant for boards today amid a possible recession.


For more than two years, the COVID-19 pandemic has upended both the global economy and the performance of individual companies. The challenges experienced by executive management and boards of directors are still fresh, and aftershocks from this global disruption continue to ripple in one form or another...

Photo Credit: Getty Images


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Stephen L. Boane is the former chair and CEO of Traemand, an international construction services company. Earlier in his career, he was in private equity, investment banking, and public accounting. 


This article is from the Summer 2022 issue of Directorship.