Sidley's "Leadership Resiliency in an Emergency" informs companies how they can prepare in advance for potential pandemic-triggered vacancies on the board and in senior management that may otherwise make the conduct of business unfeasible. The informative memo identifies and explains considerations and potential action items relative to state law default emergency provisions, tailored emergency bylaws, delegations to executive or other committees, emergency succession, and associated disclosure requirements. The nature of the guidance is such that companies should consider and pursue relevant action items now before a need to tap emergency provisions arises.
See also Cleary's "The Keys to Emergency Succession: Planning For Boards and Senior Management During a Health Pandemic," and additional resources on our CEO Succession and Coronavirus (COVID-19) Resources pages. This post first appeared in the weekly Society Alert!