Part 1. The roles boards can play in crisis management
To mitigate the worst impacts of a major crisis, there are several areas for board members and company executives to consider. By managing key environmental, social and governance (ESG) issues adequately, companies will be well positioned to weather the storm and potentially create long-term value for their shareholders and other stakeholders.
We recommend that board members take a proactive role in crisis management by considering the following:
- Manage according to the momentum of the crisis
- Manage the complexity as the crisis unfolds
- Document learnings to enhance innovation and crisis resilience
We also encourage boards to consider establishing a clear business purpose statement to guide ethical behaviour.