There is no doubt that 2020 will go down in history as one of the most challenging times of our generation.
While there have been devastating consequences for business and the broader community, I have also been heartened by the silver linings I have found – community spirit, the kindness of strangers, businesses' innovations to provide safety products, and a renewed recognition of the value of human connection.
On the governance and leadership front, there have also been
silver linings. While COVID devastated some sectors of our economy, the pandemic, together with horrific events such as the killing of George Floyd, propelled ESG and social justice issues even further to the forefront of boardroom agendas across the globe. In addition to areas such as strategy, risk and people, directors now must be proactive in placing ESG squarely on their agenda. Environmental stewardship and governance are fairly well understood; however, directors now must be proactive in embracing their responsibility for their organization’s approach to social issues including human rights, racial diversity, equity and inclusion. Starting with the tone at the top in the boardroom, there is much work to be done by directors in this area – from educating themselves on key concepts, to looking at their own board composition and culture, to setting expectations for their organization’s culture, policies and practices, to incorporating social-related goals
into CEO performance plans and incentive compensation.
While many have been promoting a stronger approach to all aspects of ESG for years, the devastating events of 2020 have highlighted the importance of these areas, with particular emphasis on social issues. In addition to a vaccine, there is much to hope for in 2021. We look forward to sharing our learnings and insights as you provide the necessary board and executive leadership on these important issues.
In the Boardroom: COVID, Travel and Tone at The Top.
It seems like every day we are seeing headlines about leaders who chose to travel over the holidays. Some stories feel clearly over the line: a tropical vacation; a trip to a zone with high infection rates. Others are more ethically complex: a last visit with a beloved grandmother dying in a country far away, a cabin respite for a spouse whose mental health needs attention, a reunion for a weary leader separated from their partner and children.
Upcoming Webinar: How Family Enterprises are Navigating Uncertainty
As family business owners plan for the future, they’re having to be more flexible and consider multiple business scenarios.
WATSON moderators Barb Schimnowsky and Rachel O’Connor will be joined by Julius Frohlich, CEO LRDG Inc, and Chris Massie, Director of Recruitment, About Staffing LTD., to discuss how they are looking ahead and what they are doing differently to plan for the unknown.
You’re getting this email because you signed up for our newsletter.
Received this email in error or no longer wish to receive these emails? You can update your preferences through the link below. Future emails will contain a similar link, so you can change your mind at any time.
