COVID-19 Implications for Lead Directors
In brief: The COVID-19 crisis is unique. First and foremost, the pandemic itself is a public-health crisis; the demand-driven economic crisis we are experiencing results from a necessary response to that public-health crisis. While pundits might debate whether the coronavirus crisis is unprecedented, it is undeniable that the breadth and depth of its consequences are severe, and that undoing its effects will take time. With this background, NACD, along with KPMG, convened 40 lead independent directors for a virtual meeting of the NACD Lead Director Steering Committee to discuss lead director duties during the crisis and through the recovery phase. The discussion covered a range of issues relevant to lead directors—from communicating with employees and other stakeholders to developing new ways of working with management and as a board—but the delegates continuously returned to one grounding theme: more than ever, we all need to be human.
This resource can help your lead director and board to
- understand the role of the lead director in leading through these unprecedented times and future crises,
- engage with management and employees on their situations and the future of the organization, and
- develop a plan to facilitate and manage the accelerating change that the crisis has brought about.
Most relevant audiences: Lead independent directors, boards of directors, CEOs, and general counsel