Optimally Managing COVID-19: (Re)consider These Practices/Processes

By Randi Morrison posted 04-27-2020 10:18 PM

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The Conference Board's "7 Key Areas for Board Attention during the COVID-19 Crisis" homes in on a number of board/management processes and practices that are ripe for consideration or reconsideration in light of the unique COVID-19 circumstances across the key topic areas of Governance, Strategy & Planning, Risk Oversight, Workforce, Customers, Investors, and the Role of the Corporation. Noteworthy Governance considerations include boards giving management greater flexibility to execute, e.g., budget variances, debt instrument modifications, comp/benefit program changes, while still retaining appropriate oversight, and board chairs actively fostering directors' participation in virtual board meetings to ensure that the discussion is not dominated by the vocal minority. Workforce considerations include evaluating compensation programs to avoid "windfall" grants to directors and officers (see last week's report: "Director Equity Award Practices: COVID-19 Alternatives") and being mindful of perceived unfairness of compensation programs. Suggested considerations relating to Customers include customer communication tracking and not losing sight of long-term relationships while deliberating action on outstanding contracts, payments, etc.

See Cooley's post. This post first appeared in the weekly Society Alert!

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