The stakeholder imperative: an urgent priority for boards
How have boards responded to the ongoing coronavirus crisis in light of the wide range of stakeholders they have to consider, and what should they be doing to plan for the future?
The many challenges faced by boards and leadership teams during the pandemic have been a true test of their mettle. It has been fascinating to see how – or, indeed, whether - boards and their chief executives have stepped up, writes Hanif Barma, Founding Partner at Board Alchemy.
The challenges for boards are varied. In some cases, cessation of business activity during lockdown has severed a company’s links with its customers, resulted in staff being furloughed or laid off and had a major knock-on effect on suppliers. In other cases, where boards have attempted to keep the business going, remote working and challenges in their supply chains have had a major impact. And, in a few cases, business is booming (think Zoom) which brings with it quite different challenges relating to scaling up that also need to be addressed.