Board Leadership and Performance in a Crisis April 2020 Alex Madronal Private and Confidential
Covid-19: A Test of Board Leadership Amid COVID-19’s rapid spread across the globe, boards are moving fast to oversee the deployment or refreshment of crisis management protocols The pandemic’s impact will be felt differently by every company, region and sector. Boards will have to adapt depending on their unique circumstances and will continue to be agile in their response Irrespective of industry, a crisis of this magnitude acts as a true pressure test for boards, uncovering new fault lines that directors must navigate and requiring a new modus operandi of communication and executive team interaction We spoke with almost 20 seasoned directors and active and retired CEOs to glean their lessons for boards on navigating the uncertainty and adapting to new challenges Source: Board Leadership and Performance in a Crisis: Communicate Often, Elevate the Narrative, and Don’t Declare Victory Too Soon; RRA Analysis Private and Confidential 2
Recommendations for improving Board Leadership and Performance in a Crisis Elevate Don’t Lose Sight Do Not Neglect Communication of the Long Culture, and Engagement Term Or Indulge Behaviors, while Wishful and Leadership Minimizing Thinking Distractions Source: Board Leadership and Performance in a Crisis: Communicate Often, Elevate the Narrative, and Don’t Declare Victory Too Soon; RRA Analysis Private and Confidential 3
Elevating Communication and Engagement While Minimizing Distractions Establish Clear Communication Channels 1 Curb and Channel Your Enthusiasm 2 Step Up, Don’t Overstep 3 Source: Board Leadership and Performance in a Crisis: Communicate Often, Elevate the Narrative, and Don’t Declare Victory Too Soon; RRA Analysis Private and Confidential 4
Don’t Lose Sight of the Long-Term or Indulge in Wishful Thinking Challenge the Optimism of your Worst-Case Scenario 4 Plan for Permanent Changes 5 Elevate the Post-Recovery Narrative 6 Challenge Premature Declarations of Victory 7 Source: Board Leadership and Performance in a Crisis: Communicate Often, Elevate the Narrative, and Don’t Declare Victory Too Soon; RRA Analysis Private and Confidential 5
Do Not Neglect Culture, Behaviors, and Leadership Live Your Values and Set the Tone 8 Closely Manage and Monitor Board Culture and 9 Behaviors Take Note of What this Moment Reveals About Leadership Teams and 10 Succession Pipelines Remember the “Soft Stuff” Matters More in Hard Environments 11 Source: Board Leadership and Performance in a Crisis: Communicate Often, Elevate the Narrative, and Don’t Declare Victory Too Soon; RRA Analysis Private and Confidential 6
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